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Principle of Taxation Notes

Principles of Taxation

Functions of Finance Commission

The Finance Commission, as established under Article 280 of the Constitution of India, has several important functions. Its primary role is to make recommendations...
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Principles of Taxation

Heads of Income

Under the Indian Income Tax Act, 1961, there are five heads of income under which an individual or entity can classify their income for...
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Principles of Taxation

Set off and Carry Forward of Losses

Set off and carry forward of losses refer to the provisions in tax laws that allow taxpayers to utilize their business losses or capital...
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Principles of Taxation

Deductions

Deductions refer to specific expenses, investments, or contributions that can be subtracted from the total taxable income, resulting in a lower tax liability. They...
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Principles of Taxation

Refund and Tax Authorities

Refund A tax refund is the reimbursement of excess tax paid by a taxpayer to the government. It occurs when the total amount of taxes...
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Principles of Taxation

Search and Seizure

Search Definition Search refers to the action taken by law enforcement authorities to examine premises, vehicles, or individuals in order to find evidence related to a...
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Principles of Taxation

Appeal, Reference and Revision

Appeal, Reference, and Revision are legal mechanisms available to individuals or parties dissatisfied with a decision or order made by a lower authority or...
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Principles of Taxation

Collection, Recovery and Refund

Collection Collection refers to the process of gathering income tax payments from taxpayers. Income tax can be collected through various methods, such as tax deduction at...
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Principles of Taxation

Offences and Prosecution

Offences Failure to pay tax deducted at source (TDS): Section 276B of the Income Tax Act deals with the offence of failure to pay tax...
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Principles of Taxation

Income Exemptions and Deductions under the Income Tax Act, 1961

Under the income tax law in India, there are certain incomes that are exempted from tax, and taxpayers are also eligible for various deductions...
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