Income Tax Department : Tax Exemption
Income Tax Department is one of the important part of Ministry of Finance, Government of India. It is one of the important resources of Government of India through which every year it generates a huge amount of revenue for the development of the country. It also operates through its subordinate departments, which help it to perform its responsibility on time in a better manner.
For understanding Income Tax Department in a better way it can be divided into three parts as given below:
Income Tax Department is one of the important part of Ministry of Finance, Government of India. In 1860, it started working with the implementation of first Income Tax Act. After implementation of this Act, people became aware of the actual meaning of Income Tax and motto of Income Tax Department. Department followed this act for five years after which, in 1865, second act came into force. There was a major change in this act relative to first Act. With this Act, the department started working with a new concept of Agriculture Income.
But the original story of Income Tax Department came into being in 1922 with the implementation of Income Tax Act -1922. It showed a major change from the last act by imposing the charge in the year of assessment on the income of last year. It also declared that tax rates would be announced by Finance Acts.
After this, in 1956 Government revised this act and did few changes keeping the original in its format. For its review government formed a committee. This committee made few changes and submitted Income Tax Bill in Lok Sabha in April 1961. The then President, accepted this bill on 13th Sep, 1961. Since 1961, our government has been using this Act for running our system.
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