Info on Income Tax Act 1961

Info on Income Tax Act 1961

This application contains all information related to the Income Tax Act 1961. Tax is today an important source of revenue for governments in all the countries. It has become inevitable imposition because it has great potentials for raising funds for meeting the development and defense needs of a nation. In other word taxes on income, sale, purchase and properties were collected to run Government machineries.

When you go through the contents of this application, you will get all information related to the Income Tax Act 1961. Income tax was first introduced in India in 1860 by the British ruler James Wilson, in order to meet heavy expenses and losses suffered by the rulers due to India’s first freedom movement of 1857. It was introduced as a temporary revenue measure only for five years. On the basis of recommendations of both these bodies the present IT Act was enacted.

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