Income Tax Notes for MBA

Can you provide me the Business Taxation Notes — Income Tax Notes for MBA (Master in Business Administration) student as I need to make a project?

The Business Taxation Notes — Income Tax Notes for MBA (Master in Business Administration) student as you need to make a project is as follows:

TAXATION LAWS—IINTRODUCTION TO INCOME TAXLEARNING OBJECTIVES:
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To know about the Income Tax Act
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To know about the history of income tax act
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To know about various basic concepts used in Income tax Act
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To know about various objectives of income tax act

SCHEME OF INCOME TAX:
The present law of income tax is contained in the Income tax act, 1961 and the income tax rules, 1962 as amended up- to- date" It extends to the whole of India and came into force on 1st April 1962" 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

IMPORTANCE:
The taxes levied by the government form a pool of resources to be used of the collective benefit of the public" 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 axes on the privileged ones

Income Tax Notes for MBA

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