In India, Income Tax was first time introduced in year 1860 by Sir James Wilson in order to meet the losses caused on account of ‘Military Mutiny’
in 1857. In 1886, a separate Income Tax Act was passed, which remained in force for long time, subject to various
amendments. From 1918 to 1922 various amendments made the Act complicated. Act 1922 remained in force till assessment
year 1961-62.
In 1956, GOI referred Law Commission to simplify the law & also prevent tax evasion. The Law Commission submitted the report in 1958 in consultancy
with Ministry of Law. At present, Income Tax Law is governed by Income Tax Act, 1961, which came into force on &
from 1st April, 1961, which applies to whole of India, including state of Jammu & Kashmir.
The Law of Income Tax is governed by Income Tax Act, 1961 & gaps are filled by Income Tax Rules, Notifications, Circulars & Judicial Pronouncements including rulings by the Tribunal.
Taxes are the compulsory financial charge levied by the government on income, commodity, services, activities or transaction etc.
Taxes are the basic source of revenue for the government, which are utilized for the welfare of the people of the country through
government policies, provisions and practices.
Income Tax is a type of Direct Tax collected by the Government on the Income of the person, rather than on goods & services. Speaking of Non-Corporate Taxation, it covers taxes levied on the income of the non-corporate assesses which are other than Corporate entities (Companies) i.e. Individuals, HUF’s & Partnership Firms.
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