Every February, the Finance Minister of India tables the Union Budget, whereas every state announces its taxation policies in its state budget. It’s a challenge to maintain the taxation system in a vibrant nation, which is based on welfare ideals. A dynamic field of study and profession, taxation leads to a steady career path.
Taxation system in India
The public and finance administration system has been prevalent since earliest times in the world. The critical fiscal need to maintain the nation’s treasury, is significantly documented in Manu Smriti by sage Manu and Arthashastra by Kautilya. Taxation was introduced in India for the first time in 1800 by the British. They imposed a milestone tax rule in the aftermath of the 1857 Mutiny.
Sir James Wilson imposed Income Tax in 1860 for the first time in India. Between 1860 and 1922, many amendments were made to the taxation system. The British imposed....
