OVERVIEW OF INCOME-TAX LAW IN INDIA
The following are the lists:
(i) Union List: Central Government has the exclusive power to make laws on the matters
contained in Union List.
(ii) State List: State Government has the exclusive power to make laws on the matters
contained in the State List.
(iii) Concurrent List: Both Central and State Governments have the power to make laws on the
matters contained in the Concurrent list.
Income-tax is the most significant direct tax. Entry 82 of Union List i.e., List I of Seventh
Schedule to Article 246 of Constitution of India has given the power to Central Government to levy
taxes on income other than agricultural income.
- Constitution of India gives the power to levy and collect taxes whether direct or indirect to the Central and State Government. The Union and State Government are empowered to levy taxes by virtue of Article 246 of the Constitution of India.
- Seventh Schedule to Article 246 contains three lists which enumerate the matters under which the Union and the State Governments have the authority to make laws for the purpose of levy of taxes.
The following are the lists:
(i) Union List: Central Government has the exclusive power to make laws on the matters
contained in Union List.
(ii) State List: State Government has the exclusive power to make laws on the matters
contained in the State List.
(iii) Concurrent List: Both Central and State Governments have the power to make laws on the
matters contained in the Concurrent list.
Income-tax is the most significant direct tax. Entry 82 of Union List i.e., List I of Seventh
Schedule to Article 246 of Constitution of India has given the power to Central Government to levy
taxes on income other than agricultural income.
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