Question

List the Three Sources of tax law. Provide a brief statement about each.

Answer 1

Ans: Three Sources of tax law:

1. Act: The act for the concerned law are the topmost source for finding out any details of concerned tax provision. The sections and rules under the act works as a source of information for the assesses.

2. Judical Pronouncement: Insome cases where act is not clear , then assesses can follow the judical pronouncements or decisions taken by the court of law in such concerned matters.

3. Governement issued notifications: From time to time to avoid ambiguity in acts and provide further clarifications on certain issues , government issue notifications which could be followed as a source for the tax law.