Contributed by:
Krishnan Hariharan, Partner at K Hariharan & Co.
IN1ÌýÌýÌýÌý Overview of the tax regime in India
IN1.1ÌýÌýÌýÌý The tax regime in India
Income tax in India is governed by the provisions of the Income-tax Act, 1961 (Act). The Constitution of India vide entry 82 (Seventh Schedule) of the Union List empowers the Union Government to tax non-agricultural income. Income-tax is the largest source of revenue to the Union Government of India.
Income tax is a direct tax which is levied, collected and administered by the Central Board of Direct Taxes (CBDT). The CBDT is a statutory authority functioning as a division of the Department of Revenue in the Ministry of Finance which is responsible for the direct tax policies in India including the levy and collection of direct taxes, structure and administration of the Indian Income tax department. The CBDT is empowered to issue orders,
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