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Income Tax: Types, and Concept of IncomeTax is the necessary budgetary charge demand by the legislature on salary, ware, administrations, exercises, or exchange.
The word ‘charge’ got from the Latin word ‘Taxo’.
In India, Income Tax was first time presented in the year 1860 by Sir James Wilson so as to meet the misfortune caused by virtue of ‘military revolt’ in 1857.In the year 1886, a different Income Tax Act was passed, this demonstration was in power for quite a while, subject to different corrections every now and then.
The Law Commission presented its report in September 1958 in counsel with the Ministry of Law.
It applies to the entire of India, including the province of Jammu and Kashmir.
Charges are extensively isolated into two sections to be specific, Direct Tax and Indirect Tax.
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