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Income Tax

/Income Tax
Income Tax 2019-05-24T17:05:53+00:00

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History of Income tax in India

In India, the income tax was followed from the time of Britishers by the name “Income tax act, 1922”. But on the 12th year of the Republic of India, the income tax was changed to “Income tax act, 1961”. From the year 1961 to 2019, in all those years our Government of India had done thousands of amendments in Income tax law as time demanded.

Income tax falls under direct taxes.

Look at the chart below for understanding how direct tax is playing the major role in our GDP:

Look below the chart to have an idea how many persons are filing the returns in direct tax.

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