Tax laws in India we must know
Tax law in India we must know India has a comprehensive tax system governed by various laws and regulations. Below is a list of key tax laws in India: 1. Direct Tax Laws These are taxes levied directly on individuals and businesses. A- Income Tax Act, 1961 - Governs taxation on income earned by individuals, Hindu Undivided Families (HUFs), firms, and companies. - Includes provisions for income tax slabs, deductions, exemptions, and penalties. - Introduced the concept of Advance Tax, Tax Deducted at Source (TDS), and Tax Collected at Source (TCS). B - Wealth Tax Act, 1957 (Abolished in 2015) - Earlier imposed a tax on the net wealth of individuals and HUFs but was repealed in 2015. C. Gift Tax Act, 1958 (Merged with Income Tax Act) - Tax on gifts received above a certain threshold is now covered under the Income Tax Act, 1961. D .Securities Transaction Tax (STT), 2004 - Levied on the purchase and sale of securities...