Black Book Synopsis

Concept of income tax in India
A Project Submitted to
University of Mumbai For Partial Completion of the degree
Of Bachelors in Commerce (Accounting & Finance)
Under the Faculty of Commerce
(Semester-VI)
BY
MISS. Sofiya Farid Syed
Under the guidance of
MISS.
S.K College of Science and Commerce
Plot no.31, Sector 25, Next to Seawood Darave Railway Station,

Nerul (E),
Navi Mumbai 400706, Maharashtra
2022-23
INDEX
Chapter Topic Page no.

no.
1. Introduction
1.1 Executive Summary
2. Research Methodology
2.1 Objective of Study
2.2 Scope of Study
2.3 Limitations of the study
2.4 Significance of the study
2.5
2.6 Classification of tax rates
2.7 m
2.8 m
2.9 e
2.10 c
2.11 g
2.12 p
3. Literature Review
4. Data Analysis, Interpretation &

Presentation
Conclusion & Suggestions

5. 5.1 Conclusions
5.2 Findings
5.3 Suggestions
6. Appendix
7. Bibliography
Introduction to Concept of income tax in India

1.1 Executive Summary
Meaning of tax
Tax is compulsory charges that people pay to government according to their
income and property. That government use for providing various welfare
schemes like Employment Programs, Infrastructure, Social Security and
Medicare. The taxes is collected for betterment of economy.
TAX
DIRECT TAX INDIRECT TAX
INCOME TAX GST
PROPERTY TAX Custom duty
GIFT TAX
CORPORATE TAX
BANKING CASH TRANSCATION
Meaning of Direct Tax - It is the charges imposed on tax payer and paid directly
to government. Which means the person or organization to whom the tax is imposed
is responsible for payment. It is progressive in nature as income increased tax also
increased. Rich people pay more than poor people. Example Income arises tax also
arises. The purpose of direct tax is to redistribute the wealth of the nation. Direct tax
is collected by Central Board of Direct Tax (CBDT).
Meaning of Indirect Tax- It is a charges where the burden of tax can be shifted
by tax payer to someone else. Which means Indirect tax are imposed by supply chain
entities (usually manufactures or retailers) and paid to the government, but passed on
to consumers as the part of the purchase price of goods and services. Consumers
ultimately pay taxes by paying more for products. It is regressive in nature. This is not
link with paying capacity. This tax is paid on supply of goods and services. It is
collected by Central Board of Indirect Tax and Custom Duty (CBIC).
Synopsis
Topic: Concept of income tax in India
From the Latin word Taxo; which is "rate", it is a financial charge or we can say
other levy imposed upon a taxpayer it can be an individual or legal entity by
a state or the functional equivalent of a state such that non-success to pay, or
evasion of or resistance to collection, is not accepted by law. Taxes are also
imposed by many managerial divisions Taxes consist of direct taxes or indirect
taxes and may be paid in terms of money or as its labor equivalent
Government plays a very crucial role in most modern economies. In the United
States, the role of the government extends from providing for national defence to
providing social security and Medicare to the elderly. In order that the
government can provide us these program and services, needs revenues. The
sources of the revenues comes from taxes that are paid for by household.
Income tax comes under direct tax that a government charges on the income of
its citizens. The provision of income-tax are contained in the Income Tax Act,
1961 which extends to whole India and became effective from 1.4.1962. When
tax is levied directly on the income or wealth of a person, then, it is known as
Income tax. The person who pays the tax to the Government cannot recover it
from somebody else, in other words the burden of a direct tax cannot be shifted.
The government can also change the income slabs and tax rates every year
during Union Budget.
Objective:
1. To study the knowledge of youth about Income tax
2. To study the opinion of salary earners on income tax.
3. To know the concept of TDS and TCS
4. To study clubbing of income.
5. To study set-off and carry forward to losses.
6. To study about new regime of tax.
Data Analysis
Research method- Data collected primary & secondary. Primary by hep of
google form circulated to general public, companies through social media.

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Concept of income tax in India

University of Mumbai For Partial Completion of the degree

Of Bachelors in Commerce (Accounting & Finance)

Under the Faculty of Commerce

MISS. Sofiya Farid Syed

Under the guidance of

S.K College of Science and Commerce

Plot no.31, Sector 25, Next to Seawood Darave Railway Station,

Navi Mumbai 400706, Maharashtra

Chapter Topic Page no.

4. Data Analysis, Interpretation &

Conclusion & Suggestions

Introduction to Concept of income tax in India

Topic: Concept of income tax in India

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