Income Tax a Major source of Revenue-Income Tax is one of the major source of Income for Indian Government. As per Budget 2020 estimated revenue from Income Tax is 12 Lakh Crore (approx).
Government Organisation Structure for Income Tax- Income Tax Department formally called CBDT (Central board of Direct Taxation) is a part of Revenue Ministry under Ministry of Finance (MOF) which is ultimately govern by the Union government of India. Currently (2020-21) Mrs. Nirmala Sitharaman heading the Ministry of Finance.
Institution advise government in Income Tax matter- Institute of Chartered Accountants (ICAI), Institute of Cost Accounts (ICMAI), Institute of Company Secretary of India are 3 major institute under Ministry of Corporate Affairs (MCA) advise government on different issues related to income tax.
Tax Professionals in India – CA, CS , CMA, Advocates, Tax Experts, Tax practitioners & Tax Consultants are professionals in India deals in Income Tax. There is no specific degree to practice in Income tax. A person having sound knowledge of Income Tax provisions and familiar with Income Tax Rules, Forms etc can deals in Income tax matter, nevertheless under Income Tax Act,1961 certain reports are prepared & signed by accountant [Chartered Accountant as defined under sec 288(2)], for instance, Tax Audit.
Note- Please download the Study Notes attached in resources which we will use in our ongoing sessions.
This session cover below topics-
Basics of Income Tax
- What is assessment year?
- Who is assessee?
- Heads of Income
- Basic computation of income
- Rate of Income Tax
- Surcharge & Marginal Relief
- Rebate under section 87A