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Legislative origin of Income tax Act in India

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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avinash kumar on July 24 2019 19:15:35

Thanks dada for sharing rare information about assessment year and rate of tax.

369
pk_ramakrishnan on July 24 2019 19:48:09

Great Dada. So informative.

101
gurunathahs on July 24 2019 20:12:42

Thaks Daada for sharing

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Sheiba john on July 24 2019 22:16:11

Thanks Dada for the write up

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VIKAS CHANDRA on July 25 2019 00:33:53

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.🙏

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» Very rare information. Could not found such super note anywhere else. Thanks Dada.
» 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...
» Thanks Dada for the write up
» Thaks Daada for sharing
» Great Dada. So informative.
» Thanks dada for sharing rare information about assessment year and rate of tax.
» Thank you, Dada for the crisp and lucid article🙏
» "writ" written in a lucid form. Thanks
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» Thanks Sir, Got new vision of rules how to interpret law.
» Great Dada. So lucid and to the point. It gives so much more clarity, especially to those who are working as assessing officers. One of the most ch...
» A great article indeed. Thanks a lot Dada.
» Dada, 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
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» Great article Sir. Very helpful.