I am interested in the field of law and for this planning to apply for Common Law Admission Test (CLAT). Will you tell CLAT taxation topics details along with CLAT important dates?

Common Law Admission Test (CLAT) is a centralised test for admission to 21 National Law Universities in India.

Students who aspire to become legal professionals must have an acute understanding of Tax laws and know properly about the different taxes prevalent in India

Types of tax:

Income Tax is the most commonly paid of all taxes. Including income from sources such as business, job salaries, house rents etc, this is a tax which is levied by the Central Government and paid (at least some of it) by a majority of the population.

– Capital Gains Tax has to be paid when an investment is sold and monetary profit gained from the sale. Anything ranging from a home to an artwork sale can be levied under Capital Gains Tax.

– Corporate Income Taxes are the taxes which have to be paid by companies which are registered in India and have a worldwide source of income.

– Fringe Benefit Tax requires an employer to pay tax to the government for any fringe benefit such as perks or allowances given to the employee.

– Amongst Indirect Taxes, Value Added Tax (Or VAT as we are known to pay for our restaurant bills) is a consumption tax which is based on the value added to goods.

– Tax levied on movable goods is known as Sales Tax. Sales Tax has mostly become obsolete since the introduction of VAT given the similarity shared between the two. Most states have used VAT to replace Sales Tax.

– Excise Tax has to be paid when any new product is being manufactured in India. Giving shape and name to anything new will result in Excise Tax being levied on the product and has to be paid by the manufacturer.

– Customs Duty Tax is levied on goods which are imported from outside India. The tax rate is fixed by the Customs Department and has to be paid accordingly

Important dates:

Start date of filling application form 1st January 2020
Last date of filling application form Last week of March 2020
Last date of online fee payment Last week of March 2020
Release of admit card Third week of April 2020
CLAT 2020 exam date 10th May 2020
Answer key released date Third week of May 2020
Declaration of result Last week of May 2020
Start date of counselling process First week of June 2020