ARTICLE · 14 JANUARY 2016

Everything You Must Know About Indian Tax Laws

Vaish Associates Advocates

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Article 265 of the Constitution of India provides that "no tax shall be levied or collected except by the authority of law".

IndiaTax

Vishal Kumar

Purva Juneja

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Income tax

1. Chargeability of income tax

Article 265 of the Constitution of India provides that "no tax shall be levied or collected except by the authority of law". Therefore, no tax can be levied or collected in India, unless it is explicitly and clearly authorised by way of legislation. The Income-tax Act, 1961 (ITA) was enacted to provide for levy and collection of tax on income earned by a person.
According to the ITA, every person, whose total income exceeds the maximum amount not chargeable to tax, shall be chargeable to income tax at the rate or rates prescribed in the Finance Act. The ITA defines the term "person" to include an individual, an HUF, a company, a firm (including LLP), an AOP or a BOI; a local authority and every other artificial juridical person.

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