International Financial Management: An Analytical Framework

CHAPTER 17

Direct and Indirect Taxes

CHAPTER OUTLINE

• Introduction

• Governing Authority

• Direct Tax

• Income Tax

• Wealth Tax

• Corporation Tax: India and The World

• Indirect Tax

• Income Exempted Under Section 10

• Assessee [Section 2(7)]

• Total Income

• Excise Duties

• Customs Tariff

• Central Sales Tax (CST)

• Modified Value Added Tax (MODVAT)

• Central Value Added Tax

• Value Added Tax (VAT)

• Service Tax

• Case

• Summary

• Key Words

• Questions

• References

INTRODUCTION

A tax is a financial charge imposed upon a taxpafter by a functional authority such that failure to pay is punishable by law. Taxes consist of direct or indirect taxes and paid in money. Tax is a means by which governments finance their expenditure by imposing ...