Basic Concepts in Income Tax Law Flashcards
(18 cards)
What does Article 246(1) state?
The power to levy taxes is excercised by the CG or the SG.
What are the powers of CG as per Article 246(1)?
The CG can levy taxes in List 1 of the seventh schedule of the constitution.
What does Article 246(3) state?
The SG can levy taxes in List 2 of the seventh schedule of the constitution.
Who can levy taxes on items given in List 3?
Both the CG and the SG.
What is entry 82 of List 1?
Income Tax other than tax on agricultural item.
What is entry 83 of List 1?
Customs Duty including export duties.
What is entry 84 of List 1?
Union Excise Duty(Other than liquor, opium etc.)
What is entry 85 of List 1?
Corporation Tax.
What is entry 92A of List 1?
Tax on Inter-State Sales (CST).
What is entry 92B of List 1?
Tax on inter-state consignment of goods (not yet considered by GOI).
What is entry 92C of List 1?
Taxes on services.
What is entry 97 of List 1?
Any other matter not included in List 2 or 3. It is a Central Levy.
What is entry 46 of List 2?
Agricultural Income Tax.
What is entry 51 of List 2?
State Excise Duty.
What is entry 52 of List 2?
Ta on entry of goods into local area for consumption or use or sale(called octroi).
What is entry 54 of List 2?
Tax on intra state sales(Local / General Sales Tax).
What is entry 17A of List 3?
Forests.
What is entry 25 of List 3?
Education.
