The Taxation Laws (Amendment) Bill, 2021

admin August 30, 2021
Updated 2021/11/04 at 12:57 PM

The Government of India has introduced The Taxation Laws (Amendment) Bill, 2021 in the Lok Sabha, with the goal of reversing tax claims made under a 2012 retrospective law that taxed the indirect transfer of Indian assets. The Indian Constitution grants the government the jurisdiction to levy taxes on persons and organisations, but it also states that no one has the authority to levy or collect taxes unless they are authorised by law. Any tax imposed must be supported by legislation passed by the legislature or Parliament (Article 265).

Taxation in India

A tax is a financial burden imposed on individuals or property owners in order to fund the government, and it is imposed by legislative authority. A tax is an imposed contribution, not a voluntary payment or donation. In India, taxes are divided into three categories: central, state, and municipal governments. The Separate heads of taxation are listed under the Union and State list in the Constitution’s Seventh Schedule. There is no separate heading under the Concurrent list, indicating that the Union and the States do not share taxing authority.

News source: The Indian express

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