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Income is the money that a person or company gets in return for giving something of value to others. Since the Maurya period, India has had a codified tax system in place. The wealthier residents paid taxes equal to one-sixth of their income.

Manu Smriti

The earliest and most important source of income tax regulations is the Manusmrti. Manusmrti emphasises the subjects' strategic imposition as well as regulation of income tax.

The income tax rules of India have specific parts that offer tax benefits to those who suffer from specific impairments, whether they or a member of their family do.

Although there is ample evidence to support the claim that income taxes existed even in prehistoric and ancient cultures, contrary to popular opinion, they were only recently instituted. The term "taxation," which means an estimate, is where the word "tax" first appeared. These were occasionally haphazardly collected taxes that were imposed on the sale and purchase of goods or cattle.

The ancient Indian taxation system is praised in K.B. Sarkar's book as being a model for modern countries "According to the 1978 Edition of Public Finance in Ancient India, "Most of the Ancient Indian levies were quite productive. Although direct tax received more attention, the combination of direct and indirect taxes allowed for greater flexibility in the tax system. Most individuals fell within the umbrella of the tax system, which had a wide basis.

It's not difficult to see the justification for Kautilya's emphasis on government spending and the taxation system in the Arthasastra. He believed that the strength of the government's finances was a key factor in its authority.

Preliminary

This time period was marked by a strong focus on the advancement of investigative methods. The Taxation on Income (Inquiry) Commission was established in 1947 and was later deemed to be outside the bounds of its authority by the Supreme Court in 1956, although by that time it was already clear that a thorough investigation was required. There was establishment of the Directorate of Inspection (Investigation).

Tax Reforms: Among the significant administrative and policy changes made in recent years are the following:-

(1) Among the policy changes are:-

    (a) Rate reductions;

How can a 5-year Senior Citizens Savings Account be opened?

It is really easy to open an account using this plan. To create an account under the 5-year Senior Citizen Saving Scheme, collect the necessary paperwork and follow the step-by-step instructions:-