Some useful information about Tax and Economic crimes

Taxes  Taxes can be broadly divided  into two Direct Taxes (ii) Indirect Taxes.

Personal Income tax, corporate tax, estate duty, gift tax and wealth tax come under direct taxes.

Sales tax, excise duty, customs duty and service taxes come under indirect taxes.

Union Excise Duties are the chief source of revenue of the Central Government.  Excise duties, customs duties,

income tax, service tax and corporation tax are levied by the Central Government.

Sales tax is the major source  of revenue to the State Government.

Land revenue, stamp duties and  registration fees are collected by the states.

Estate duty on property other than agricultural income is collected by the central government.

The agricultural income has been exempted from the Union Income Tax. But the states have the statutory powers to do that.

Taxation is a part of fiscal Policy  Interest is a taxable income

Octroi is the tax imposed on articles coming into a city; it simply means city tax.

The most important source of revenue for the government -taxes.  Direct Tax: It is levied directly. In India, two types of direct taxes are mainly

(1) Personal annual estimate of expenditure and revenue of a country or a subordinate authority like a corporation

Article 112 of the constitution of India deals with budget or annual financial statement

Consolidated Fund in India It consists of all revenue and loans  received by the government.

Contingency Fund The fund comprises the sum placed at the disposal of the president to meet unforeseen expenditure.

Acts related with  Economic  Crime Income Tax Act Customs Act 1962 COFEPOSA, 1974 Central Excise and Salt Act, 1944 Antiquity and Art Treasures Act, 1972 Foreign Exchange Regulations Act, 1973 Import & Export (Control) Act, 1947 Banking Regulation Act, 1949 Foreign Contribution (Regulation) Act, 1976 Passport Act, 1920/IPC

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