🕰️𝗥𝗶𝗰𝗵 𝗛𝗶𝘀𝘁𝗼𝗿𝘆 𝗼𝗳 𝗧𝗮𝘅𝗮𝘁𝗶𝗼𝗻 𝗶𝗻 𝗜𝗻𝗱𝗶𝗮 🇮🇳

 🕰️𝗥𝗶𝗰𝗵 𝗛𝗶𝘀𝘁𝗼𝗿𝘆 𝗼𝗳 𝗧𝗮𝘅𝗮𝘁𝗶𝗼𝗻 𝗶𝗻 𝗜𝗻𝗱𝗶𝗮 🇮🇳

🌟 Are you curious about how India’s taxation system evolved over the centuries? Let's take a fascinating journey through history and explore some intriguing milestones that shaped the taxation landscape in India.

𝟭. 𝗩𝗲𝗱𝗶𝗰 𝗘𝗿𝗮 🕉️: Taxation was considered sacred duty even in ancient Vedic times.

𝟮. 𝗣𝗿𝗼𝗴𝗿𝗲𝘀𝘀𝗶𝘃𝗲 𝗧𝗮𝘅𝗮𝘁𝗶𝗼𝗻 📈: Emperor Krishnadevraya of Vijayanagara introduced progressive taxation, marking a significant evolution.

𝟯. 𝗕𝗿𝗶𝘁𝗶𝘀𝗵 𝗥𝘂𝗹𝗲 🇬🇧: Period of British rule brought many remarkable changes to India's taxation system.

𝟰. 𝗜𝗻𝘁𝗿𝗼𝗱𝘂𝗰𝘁𝗶𝗼𝗻 𝗼𝗳 𝗜𝗻𝗰𝗼𝗺𝗲 𝗧𝗮𝘅 💰: Sir James Wilson introduced income tax on July 24, 1860.

𝟱. 𝗙𝗶𝗿𝘀𝘁 𝗖𝗼𝗹𝗹𝗲𝗰𝘁𝗶𝗼𝗻 💵: 1st year, the exchequer collected Rs 30 lacs, a significant amount at that time.

𝟲. 𝗧𝗮𝘅 𝗔𝗰𝘁 𝗘𝘃𝗼𝗹𝘂𝘁𝗶𝗼𝗻 🔄: Act lapsed in 1865 but was reintroduced in a refurbished form in 1867.

𝟳. 𝗜𝗻𝗰𝗼𝗺𝗲 𝗧𝗮𝘅 𝗔𝗰𝘁 𝗼𝗳 𝟭𝟴𝟴𝟲 📜: Governor General Lord Dufferin introduced this act, and Rs 1.36 crore was collected in 1886-87.

𝟴. 𝗘𝗮𝗿𝗹𝘆 𝟮𝟬𝘁𝗵 𝗖𝗲𝗻𝘁𝘂𝗿𝘆 🌐: During 1914-15, the number of income taxpayers reached 3,32,000.

𝟵. 𝗜𝗻𝘁𝗿𝗼𝗱𝘂𝗰𝘁𝗶𝗼𝗻 𝗼𝗳 𝗦𝘂𝗽𝗲𝗿𝘁𝗮𝘅 💎: Supertax was introduced in 1917 to further streamline taxation.

𝟭𝟬. 𝗜𝗻𝗰𝗼𝗺𝗲 𝗧𝗮𝘅 𝗦𝘂𝗿𝗴𝗲 📊: During 1918-19, income tax collection soared to Rs 11 crore.

𝟭𝟭. 𝗖𝗼𝗺𝗽𝗿𝗲𝗵𝗲𝗻𝘀𝗶𝘃𝗲 𝗧𝗮𝘅 𝗟𝗮𝘄 📚: A comprehensive income tax law was enacted in 1922.

𝟭𝟮. 𝗘𝘀𝘁𝗮𝗯𝗹𝗶𝘀𝗵𝗺𝗲𝗻𝘁 𝗼𝗳 𝗜𝗧𝗔𝗧 ⚖️: Income Tax Appellate Tribunal came into existence on April 25, 1941.

𝟭𝟯. 𝗣𝗿𝗲-𝗜𝗻𝗱𝗲𝗽𝗲𝗻𝗱𝗲𝗻𝗰𝗲 𝗖𝗼𝗹𝗹𝗲𝗰𝘁𝗶𝗼𝗻𝘀 📈: Income tax collections in 1939-40 reached Rs 19.82 crore.

𝟭𝟰. 𝗖𝗲𝗻𝘁𝗿𝗮𝗹 𝗘𝘅𝗰𝗶𝘀𝗲 𝗔𝗰𝘁 🏭: Introduced in 1944 as an indirect tax.

𝟭𝟱. 𝗜𝗻𝗱𝗶𝗮𝗻 𝗥𝗲𝘃𝗲𝗻𝘂𝗲 𝗦𝗲𝗿𝘃𝗶𝗰𝗲 🛡️: Indian Revenue Service was established in 1945.

𝟭𝟲. 𝗣𝗼𝘀𝘁-𝗪𝗮𝗿 𝗧𝗮𝘅 𝗖𝗼𝗹𝗹𝗲𝗰𝘁𝗶𝗼𝗻 💼: Income tax collection for 1945-46 stood at Rs 57.12 crore.

𝟭𝟳. 𝗖𝗲𝗻𝘁𝗿𝗮𝗹 𝗦𝗮𝗹𝗲𝘀 𝗧𝗮𝘅 𝗔𝗰𝘁 🛒: Introduced in 1956 to regulate sales tax.

𝟭𝟴. 𝗡𝗶𝗰𝗵𝗼𝗹𝗮𝘀 𝗞𝗮𝗹𝗱𝗼𝗿'𝘀 𝗖𝗼𝗻𝘁𝗿𝗶𝗯𝘂𝘁𝗶𝗼𝗻 🧮: He was instrumental in the Wealth Tax Act of 1957, the Expenditure Tax Act of 1957, and the Gift Tax Act of 1958.

𝟭𝟵. 𝗜𝗻𝗰𝗼𝗺𝗲 𝗧𝗮𝘅 𝗔𝗰𝘁 𝗼𝗳 𝟭𝟵𝟲𝟭 🏛️: This act provided a robust framework for income tax.

𝟮𝟬. 𝗖𝘂𝘀𝘁𝗼𝗺𝘀 𝗔𝗰𝘁 🚢: Introduced in 1962 to manage customs duties.

𝟮𝟭. 𝗙𝗼𝗿𝗺𝗮𝘁𝗶𝗼𝗻 𝗼𝗳 𝗖𝗕𝗗𝗧 𝗮𝗻𝗱 𝗖𝗕𝗜𝗖 🏢: Established in 1963 to administer direct and indirect taxes, respectively.

𝟮𝟮. 𝗚𝗼𝗼𝗱𝘀 𝗮𝗻𝗱 𝗦𝗲𝗿𝘃𝗶𝗰𝗲𝘀 𝗧𝗮𝘅 🛍️: Introduced in 2017 as an indirect tax.

From ancient times to modern-day reforms, each phase has contributed to a robust & structured taxation system. 🚀📊

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