The most awaited tax cut in the budget, its foundation was laid 164 years ago. - Newztezz Online

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Saturday, January 27, 2024

The most awaited tax cut in the budget, its foundation was laid 164 years ago.

The budget is going to be presented on 1 February. The middle class is going to keep an eye on the changes related to tax. This would not be the first time. Now the question is when did it start? In today's story, we are going to explain the history of tax to you in simple language.

Now less than 1 week is left for the presentation of the interim budget. Lok Sabha elections are to be held this year, hence the government is bringing an interim budget. Its purpose is to meet the expenses before the elections. The government also mentions different types of earnings and expenses in the budget. The most frequently mentioned word in this is tax. The history of tax is very old. Older than India's independence. In today's story, let us try to know the story of tax collection on the pages of history, which started the work of filling the coffers of the government.

Almost all countries around the world have laws regarding income tax, and India is also included in it. The foundation of the laws made on this subject was laid during the British rule, when they were implemented due to lack of funds. The government collects money from the general public through income tax so that the development of the society is possible. Income tax in India is headquartered in New Delhi, functions under the Department of Revenue of the Ministry of Finance, and is headed by an apex body called the Central Board of Direct Taxes (CBDT).

The story is 164 years old

To help financially support the Indian government, James Wilson implemented income tax in India on 24 July 1860. This decision was taken to compensate for the loss suffered by the British rule during the rebellion of 1857. The main objective of this income tax scheme was to fill the country's coffers and improve the political situation. This income tax scheme lasted until 1922, when a new Income Tax Act was enacted and an official structure or department was established. Additionally, the Act was amended in 1939 and two major structural amendments were made.

What does the report say?

According to the data released by the Finance Ministry, the growth rate in total tax collection was Rs 16.61 lakh crore, showing a growth of 17.63% compared to Rs 14.12 lakh crore in the previous year, according to the 2022-23 financial year report. . If we compare this with the collections till June quarter of FY 2023-24, we see that direct tax collections for FY 2023-24 were Rs 3.79 lakh crore, compared to the same period last year 2022-23. It was Rs 3,41,568 crore. From this we see that there has been an increase of 11.18% in this period.

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