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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 sir Very nice information provided in this article. You are requested to provide the froms if available so that we can record the state...