Tax & GST Related Acts
The Income Tax Act, 1961
The Income Tax Act, 1961 is the primary legislation governing direct taxation in India. It provides provisions for levy, administration, collection, and recovery of income tax. The Act covers income from various sources including salaries, house property, business, capital gains, and other sources.
Key Features: Tax rates, deductions, exemptions, filing requirements, and assessment procedures
The Central Goods and Services Tax Act, 2017 (CGST Act)
The CGST Act governs the levy and collection of tax on intra-state supply of goods and services by the Central Government. It replaced multiple indirect taxes like excise duty, service tax, and VAT with a unified GST system.
Key Features: Tax structure, registration, returns, input tax credit, refunds, and compliance requirements
The Integrated Goods and Services Tax Act, 2017 (IGST Act)
The IGST Act governs the levy and collection of tax on inter-state supply of goods and services. It ensures seamless flow of input tax credit from one state to another.
Key Features: Inter-state transactions, import/export provisions, and credit mechanism
The Constitution (One Hundred and First Amendment) Act, 2016
This constitutional amendment introduced GST in India, effective from July 1, 2017. It replaced various indirect taxes with a unified tax system and established the GST Council.
Key Features: Constitutional framework for GST implementation and dual GST model
Corporate & Compliance Acts
The Companies Act, 2013
The Companies Act, 2013 is the principal legislation governing companies in India. It regulates the incorporation, management, governance, and dissolution of companies.
Key Features: Company formation, director responsibilities, audit requirements, corporate governance, and annual filings
The Chartered Accountants Act, 1949
This Act regulates the profession of Chartered Accountancy in India. It established the Institute of Chartered Accountants of India (ICAI) to regulate the profession.
Key Features: Professional standards, code of ethics, and regulatory framework for CAs
The Limited Liability Partnership Act, 2008
This Act provides for the formation and regulation of limited liability partnerships (LLPs) in India. It combines features of both partnership and company structures.
Key Features: LLP formation, compliance requirements, and partner obligations
The Insolvency and Bankruptcy Code, 2016
The IBC consolidates and amends laws relating to reorganization and insolvency resolution of corporate persons, partnership firms, and individuals in a time-bound manner.
Key Features: Corporate insolvency resolution, liquidation process, and creditor rights
Other Important Acts
The Finance Act (Annual)
Enacted annually, the Finance Act gives effect to the financial proposals of the Central Government. It includes provisions related to income taxes, customs, excise, GST, and other fiscal matters.
Key Features: Annual tax rate changes, new provisions, and amendments to existing tax laws
The Prevention of Money Laundering Act, 2002 (PMLA)
This Act aims to prevent money laundering and provides for confiscation of property derived from money laundering. It mandates reporting entities to maintain records and report suspicious transactions.
Key Features: Anti-money laundering provisions, KYC requirements, and reporting obligations
The Foreign Exchange Management Act, 1999 (FEMA)
FEMA consolidates and amends the law relating to foreign exchange to facilitate external trade and payments. It promotes orderly development and maintenance of the foreign exchange market in India.
Key Features: Foreign exchange regulations, foreign investment norms, and overseas investment rules
The Benami Transactions (Prohibition) Act, 1988
This Act prohibits benami transactions and provides for confiscation of benami properties. It aims to prevent tax evasion and holding of black money.
Key Features: Definition of benami property, penalties, and confiscation proceedings
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