More than 3 Centuries of taxation in India – A review :

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More than 3 Centuries of taxation in India - A review :

journey of Income tax

Income-tax Act has been through a long journey to reach where it stands today.

Enjoy studying the journey of Income-tax Act in a chronological manner in following points.

It will be interesting to know this fact and we are sure that you will feel proud to know about the benchmark of Income-tax in India.

  1. Taxation was considered as a sacred duty even during Vedic times.
  2. System of progressive taxation in India was introduced by Emperor Krishnadevraya of Vijayanagaram.
  3. The period of British rule in India witnessed many remarkable changes in the taxation system in India.
  4. Income-tax in India was introduce by Sir James Wilson on 24th July, 1860.
  5. In the first year the exchequer collected Rs. 30 lakhs, a princely sum at that time.
  6. The Act lapsed in 1865 and was reintroduce in a refurbished form in 1867.
  7. Governor General, Lord Dufferin introduced Income-tax Act, 1886. Rs. 1.36 crore was collect in 1886-87.
  8. During 1914-15 total number of income-tax payers was 3,32,000 and total collection of tax was Rs. 3.05 crore.
  9. ‘Supertax’ was introduce in 1917 to mop up resources during war time.
  10. Income-tax collection during the year 1918-19 stood at Rs. 11 crore.
  11. A comprehensive Income-tax Law was brought out in 1922 – It led to the tangential growth of the Income-tax department.
  12. ITAT became into existence from 25th April 1941.
  13. Income-tax collection during 1939-40 was to the tune of 19.82 crore.
  14. The Indian Revenue Service was introduce in 1945.
  15. Income-tax collection for the year 1945-46 stood at Rs. 57.12 crore.
  16. Prof. NICHOLAS Kaldor was instrumental in introduction of Acts like the Wealth Tax Act, 1957; the Expenditure Tax Act, 1957 & the Gift Tax Act, 1958.
  17. The Income-tax Act, 1961 was introduce on 1-4-1962.
  18. CBDT and CBEC were the two boards introduced in 1963 for administering direct & indirect taxes respectfully.
  19. Direct tax collection for 1960-61 stood at Rs. 287.47 crore.
  20. An attempt to create PAN (9 digits & 2 letters initially) in 1970-71 was aborted due to lack of appropriate technology at that time. It was only after 25 years from then when PAN saw its birth.
  21. Rs. 1500 crore was disclose as undisclose income under Voluntary Disclosure Scheme, 1975.
  22. Direct tax collection for the year 1974-75 was at Rs. 1,632.02 crore.
  23. Direct tax collection for the year 1983-84 stood at Rs. 4,232.38 crore.
  24. In 1993 Authority for Advance Rulings was set-up.
  25. PAN (10 digit number) was launch in 1994.
  26. MAT was introduce in 1997.
  27. Direct tax collection for 1996-97 stood at whopping Rs. 38,895 crore.
  28. Direct Tax collection during 2004-05 stood at Rs. 1,32,771 crore.
  29. Website of the department was launch in 2003.
  30. E-filing system is launch during 2006-07 – In very first year 3.63 lakh taxpayers avail of this facility.
  31. TRP Scheme was launch in 2006 which didn’t achieve any success.
  32. CPC was set-up in Bengaluru in 2009.
  33. The provisional Direct Tax collections up to 15th January, 2018 is Rs. 6.89 lakh crores which is 18.7% higher than the net collections for the corresponding period of last year.

journey of Income tax

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