Income Tax

Income Tax Department India

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Income tax department of India is the only center department which regulates and runs all the accounts and services from imposition of tax up till the exemption of tax. This income tax department India works according to the government prescription and comply with its memorandum and articles of associations. As the tax is a compulsory payment which is made to the government though this income tax department; hence, government meet the expenditure required to be incurred on acts like public welfare. There are some exceptions also present with the income tax department India, which defines some income sector on which taxes are not imposed too.

Sources of this income tax department of India to generate its income are of two kinds. These sources include the Direct and the Indirect mode of imposition of taxes. Category of these two sections is also done with the centre income tax department India. Where direct taxes are those ones which are to be paid by the very same person on whom it has been imposed by the Government while the income tax department India refers Indirect taxes, as when burden of it is shifted, in part or in full on somebody else. Except form it, sources for the income tax department is also generated with some taxes such as central Excise Duty, custom duty, income tax, corporate tax and service tax. Service tax and its service tax rate in India is one of the popular sources of income which is collected through the means of taxes. This service tax with its various service tax rate in India offers tremendous revenue potential to the government.

Today, with such increasing role of service sector and its contribution to GDP, government released various service tax rate in India. The growth of service tax rate in India offers opportunities, as well as challenges to bring the tax to a balanced level. Moreover, with studies and practical assumptions of income tax department India, it is expected that with such service tax rate in India would help to reduce the tax burden on international trade and domestic manufacturing sector. So a planned growth of income tax department would be commensurate with the goals of economic globalization.

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