Know about Laws of Taxation

Know about Laws of Taxation

Howdy viewers, this article is shared by Mr. Ritwik Nath about Know about Laws of Taxation where he states a brief idea of the taxation system in India.

Income tax law in India

In India, income is charged on the total income/salary of the previous year of every person that is an individual, Hindu Undivided Family( HUD), Association of Person ( AOP) , Body of Individual ( BOI), a firm, a company etc, which is considered as an direct tax system.

Components of Income tax law in India

1. Income tax Act
2. Financial Act.
3. Income tax rules.
4. Circular/ Notification.
5. Legal decision.

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