Podcast
Questions and Answers
Which article of the Indian Constitution restricts the power to levy taxes?
Which article of the Indian Constitution restricts the power to levy taxes?
- Article 280
- Article 300
- Article 370
- Article 265 (correct)
Who has the authority to levy various taxes as per the Constitution of India?
Who has the authority to levy various taxes as per the Constitution of India?
- State Governments and Municipality
- Union Government and State Governments (correct)
- Local Authorities and Union Government
- Central Government and Local Authorities
What was the approximate direct tax collections reported by CBDT in 2023-24?
What was the approximate direct tax collections reported by CBDT in 2023-24?
- ₹2,100,000 crore
- ₹1,500,000 crore
- ₹1,900,000 crore (correct)
- ₹2,300,000 crore
Who is responsible for passing the accompanying law for each tax levied or collected?
Who is responsible for passing the accompanying law for each tax levied or collected?
What is a major problem related to taxes in India?
What is a major problem related to taxes in India?
Flashcards
Which article restricts tax power?
Which article restricts tax power?
Article 265 of the Indian Constitution.
Who levies taxes in India?
Who levies taxes in India?
The Union Government and State Governments have the authority.
CBDT direct tax collections (2023-24)?
CBDT direct tax collections (2023-24)?
Approximately ₹1,900,000 crore.
Who passes tax laws?
Who passes tax laws?
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Major tax problem in India?
Major tax problem in India?
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Study Notes
Taxation in India
- Article 265 of the Indian Constitution restricts the power to levy taxes, ensuring that no tax is levied or collected except by the authority of law.
- The Parliament of India has the authority to levy various taxes as per the Constitution of India.
- The Central Board of Direct Taxes (CBDT) reported approximate direct tax collections of ₹14.09 lakh crore in 2023-24.
- The Parliament is responsible for passing the accompanying law for each tax levied or collected.
- A major problem related to taxes in India is evasion, with many individuals and businesses evading tax payments, resulting in significant revenue losses for the government.
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