werdec.org - INCOME TAX STUDY MATERIAL | Tax Deduction | TaxesIt extends to the whole of India and came into force on 1st April Though Income tax is a central levy, its net proceeds are shared between both the Centre and the states except that any surcharge on income tax levied for the purpose of the Union accrues wholly to the Central Government, and is excluded from the divisible pool. Income tax plays an important role in the national economy and is also a valuable toll for achieving the socio-economic objectives. The taxation is an exercise in the collective solution of individual problems. The state takes upon itself the duty of solving the problems of the underprivileged and need finance for this purpose. The government can mobilize resources by imposing taxes on the privileged ones.
Income Tax - Theory, Law & Practice
It functions under the Department of Revenue of the Ministry of Finance. Main responsibility of IT Department is to enforce various direct tax laws, most important among these being the Income-tax Act, , to collect revenue for Government of India. The Income Tax Act, has wide scope and empowers ITD to levy tax on income of individuals , firms , companies , local authorities , societies , or other artificial juridical persons . Therefore Income Tax Department influences businesses, professionals, NGOs, income earning citizens, and local authorities among others. The Act empowers Income Tax Department to tax international businesses and professionals and therefore ITD deals in all matters of Double Taxation Avoidance Agreements and various other aspects of international taxation such as Transfer pricing. Combating tax evasion and tax avoidance practices is key duty of ITD to ensure constitutionally guided political economy. Taxation has been one of the key function of the sovereign state since ancient times.
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