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Legislative origin of Income tax Act in India
- 08 Jan 2015
- General Category
- 4932 Reads
- 5 Comments
Income tax was introduced for the first time in the legislative history of India vide Act No. XXXII of 1860. This is an act for imposing Duties on Profits arising from Property, Professions, Trades and Offices. The act was passed by the Legislative Council of India which received the assent of the Governor General on the 24th July, 1860. It had 21(XXI) Parts, 249 (CCXLIX) sections and 4 Schedules. The first day of assessment year started with 1st August, 1860. Rate of duty was three percent and further one percent of the annual value of property and profits for roads, canals and other reproductive public works.
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Minute details are also discussed in this article. Lot of thanks Dada. Mohan A very comprehensive information and clarification on very important issue. Thank you very much Sir Dada really great article Great article Sir. Very helpful. Thanks Dada fir adding to our knowledge.A great article indeedNavigation
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Thanks dada for sharing rare information about assessment year and rate of tax.
Great Dada. So informative.
Thaks Daada for sharing
Thanks Dada for the write up
Learning History of Income-tax from a person who has carved digital future of Department at CPC and is still continuing to do so, is like blessings on all. Dada ko Naman.🙏