A detailed overview of the five heads of income under the Income-tax Act, 1961, highlighting major court rulings that clarify proper income classification and tax treatment.
For the first time since Independence, personal income tax collections have surpassed corporate tax. The shift reflects formalisation, digitisation, and policy-driven corporate rate reductions.
Understand how direct and indirect taxes differ in imposition, collection, and legal framework. The article highlights governing laws, authorities, and landmark Supreme Court rulings shaping tax interpretation.
