Indian Income Tax Act Pdf
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It provides for levy, administration, collection and recovery of Income Tax The Government of India brought a draft statute called the ' Direct Taxes Code ' intended to replace the Income Tax Act,1961 and the Wealth Tax Act, 1957. HERE
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The history of Income Tax in India is divided into 3 different periods: 1860-1885; 1886-1914; 1914 till date. HERE
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Agricultural income is defined under section 2(1A) of the Income-tax Act As per section 2(1A), agricultural income generally means: Any rent or revenue derived from land which is situated in India and is used for agricultural purposes.. As per section 10(1), agricultural income earned by the taxpayer in India is exempt from tax.. In India, the first Income Tax Act was introduced in 1860 It was implied by James Wilson to overcome heavy losses suffered by the British Government due to Indias freedom movement in 1857.. 1 7 Return of Income The Income-tax Act, 1961 contains provisions for filing of return of income. 3
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The Income-tax Act, 1961 The Income-tax Act, 1961 is the charging Statute of Income Tax in India.. If any tax is still due on the basis of return of income, after adjusting advance tax and tax deducted at source, the assessee has to pay such tax (called self-assessment tax) at the time of filing of the return. 34bbb28f04 HERE
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