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2015•Journal of Commerce & Behavioural ScienceRequires access

Tax Exemptions… Savings to Wealth Creation… A Journey

Kashyap Arunkumar Ganatra, Alpesh Mehta, Priyanka Urvish Acharya

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Abstract

India has a well developed three-tier federal tax structure. According to Chapter III of the Income Tax Act, 1961 there is a provision of exemptions in income tax. Tax Exemption induces reduction of the tax burden on a specific section of the society to achieve some level of equilibrium among all. To encourage some economic activities through the process of reduction of the tax burden on some organizations or individuals involved in that activity is also another cause for Tax Exemptions. For instance, there are exemptions from the property tax, and also an individual is exempted from paying income tax if there are dependents or children financially dependent on him/her.

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What this paper is about

India has a well developed three-tier federal tax structure. According to Chapter III of the Income Tax Act, 1961 there is a provision of exemptions in income tax. Tax Exemption induces reduction of the tax burden on a specific section of the society to achieve some level of equilibrium among all. To encourage some economic activities through the process of reduction of the tax burden on some organizations or individuals involved in that activity is also another cause for Tax Exemptions. For instance, there are exemptions from the property tax, and also an individual is exempted from paying income tax if there are dependents or children financially dependent on him/her.

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Available abstract

India has a well developed three-tier federal tax structure. According to Chapter III of the Income Tax Act, 1961 there is a provision of exemptions in income tax. Tax Exemption induces reduction of the tax burden on a specific section of the society to achieve some level of equilibrium among all. To encourage some economic activities through the process of reduction of the tax burden on some organizations or individuals involved in that activity is also another cause for Tax Exemptions. For instance, there are exemptions from the property tax, and also an individual is exempted from paying income tax if there are dependents or children financially dependent on him/her.

Key concepts: State income tax, Public economics, Tax reform, Business, Tax credit, Indirect tax, Income tax, Value-added tax

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