In India, income tax is introduced in 1860.Tax is levied on total income of assesse but not on every receipt. Assesse means that person who is liable for the payment of tax. No one can refuse to the payment of tax. Otherwise he is liable for the punishment (pay penalty the double amount of tax or imprisonment of 2-5 years). So, it is the responsibility of the every person for the payment of tax. Now, 151 years passed, since we are paying the tax.
How income tax came in India?
In India, income tax is introduced in 1860. At that time, British finance minister James willison enter in India 1757. Firstly, he entered in Bangalore. With the permission of king, James (finance minister) starts the trade in Bangalore. Slowly-2 he collects army in India then king asked then he says, it’s only for a security purpose. As the time passed, he seized the Bangalore.
According to the “Albert Einstein”, the hardest thing in the world to understand in the income tax.
