Law , Courts And The Constitution
Indian laws are amongst the oldest and largest legal systems in the world. The constitution binds India and its citizens for commitment towards law . The republic of India has a fedral system with Parliamentary form of Union & State Government . It has an independent judiciary .
Sources Of Law
The Constitution of India is the source of law .Statutes are enacted by Parliament, State Legislatures and Union Territory Legislatures.
There are also different boy of laws
i) subordinate legislation in the form of rules,
ii) regulations as well as by-laws enacted by Central and State Governments
iii) local authorities & bodies like Municipal Corporations, Municipalities, Gram Panchayats and other local bodies. These bodies perform under the authority conferred or delegated either by Parliament or State or Union Territory Legislature concerned.
The decisions of the Supreme Court of India are binding on all subordinate High Courts & other Courts of law within the territory of India.
Contract law
The business in India is bound by agreements executed under Indian Contract Act,1872 which came into effect on 1 September 1872.
It binds the parties for their commitment under an agreement . Any implementation of rights created under an agreement cn be enforced by law of India . Further , any breach of the terms and conditions are subject to initiation of proceedings under the law of India .
The remedy either lies with civil courts and/or if there is an arbitration clause in an agreement , then it will be governed by provisions under Arbitration & Conciliation Act ,1996 of India .
Tax law
Taxes in India is levied by differnet Governements and regulated vy various bodies concerned by direct and indirect taxes.Direct tax is levied in terms of the Income Tax Act 1961. Whereas, customs , excise ,service tax , Sales Tax /VAT etc are indirect taxes . Goods & Service Tax (GST) is to be replace all indirect taxes in India .
The authority to levy a tax and collection of tax alongwith its distribution amongst state and union Governement is enumerated in the Constitution fo India .