Title: Tax Exemptions… Savings to Wealth Creation… A Journey
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.
Publication Year: 2015
Publication Date: 2015-12-30
Language: en
Type: article
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