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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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» Thank you, Dada for the crisp and lucid article🙏
» "writ" written in a lucid form. Thanks
» Great, Dada u have special quality to see and explain about statutes. I am sure None of us knowing it with such details. Thanks.
» Very well written , keeping it simple yet highly informative. Thank You Sir...
» Dada has brought out the intricate details in such a lucid manner that interest of the reader to go further into the subject increases. Thank you Dada
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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
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» I am speechless. Such a wonderful narration of the real plight of an assessing officer. Hats off to you sir.
» Dada, your explanation style is just superb and the topic choosen are also untouched by us. Sometimes we wonder why we did not see the things so de...