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History of Income Tax - Introduction, Income Tax Laws Video Lecture - B Com
FAQs on History of Income Tax - Introduction, Income Tax Laws Video Lecture - B Com
| 1. What is the history of income tax? |  |
Ans. The history of income tax dates back to ancient civilizations such as Egypt and ancient Greece, where taxes were imposed on individuals based on their income or wealth. However, the modern concept of income tax originated in the 19th century. In 1799, the United Kingdom introduced the first income tax to finance the Napoleonic Wars. Since then, income tax has become a common form of taxation in many countries worldwide.
| 2. When was income tax first introduced in the United States? | |
Ans. Income tax was first introduced in the United States during the Civil War. In 1862, the U.S. Congress passed the Revenue Act, which included a tax on personal income to fund the war efforts. However, it was later declared unconstitutional by the Supreme Court. In 1913, the 16th Amendment to the U.S. Constitution was ratified, granting Congress the power to levy an income tax. The first modern income tax law was then enacted, and the Internal Revenue Service (IRS) was established to enforce and collect income taxes.
| 3. How does income tax work? | |
Ans. Income tax is a progressive tax system that is based on the principle of taxing individuals according to their income levels. The tax rates vary depending on the income brackets, with higher-income individuals paying a higher percentage of their income as tax. To determine the taxable income, individuals need to subtract certain deductions and exemptions from their total income. The remaining amount is then subject to the applicable tax rates, and the final tax liability is calculated accordingly.
| 4. What are the different types of income that are taxable? | |
Ans. Various types of income are subject to taxation. The most common forms of taxable income include salaries and wages, business profits, rental income, investment income (such as dividends and capital gains), and self-employment income. Additionally, certain benefits, such as unemployment compensation and social security benefits, may also be taxable depending on the individual's total income and filing status.
| 5. How is income tax used by the government? | |
Ans. Income tax plays a crucial role in financing the government's expenditures and funding public services. The revenue generated from income tax is utilized to support various sectors, such as healthcare, education, defense, infrastructure development, and social welfare programs. It helps the government maintain public facilities, provide essential services, and implement policies aimed at improving the overall well-being of citizens. Additionally, income tax also contributes to reducing income inequality by redistributing wealth through progressive taxation.
Text Transcript from Video
welcome to our channel creative
professional world today's our topic is
related to taxation although we will
discuss many topics relating to taxation
but if you want to understand a
particular topic you can comment us too
before we start the topic we should know
about the taxation so today's topic is
history of taxation there are a lot of
questions this should come in mind
quickly first when the text started
second what country was the first impose
a tax and why which is the first country
in the world to collect tax there are
major three questions to understand
better about taxation in 1799 the first
important income tax was imposed to
raise money for the Napoleon was even in
the US income tax was first collected to
fund the civil war in 1864 on that era
some countries were taking the step to
implement taxation like European
countries Japan Australia New Zealand
implemented income tax in the second
half of the nineteenth century however
here 1799 is widely accepted as a
beginning of modern income tax and the
William Pitts government introduced
income tax
on that time tax rate were applicable as
on 60-pound at the rail 0.833 3% while
income of over 200 pound the tax rate
will be 2.5 percent one pound is equal
to 83 amounts aprox Li in Indian
currency on that time it is very
difficult to say exact amount but in the
starting year nine hundred nineteen
hundred one pound is almost equal to
fifteen to twenty five Indian currency
[Music]
see it is very difficult to learn each
and every tax rate of each and every
country on that time even in this time
too because every country has own rules
and regulation regarding taxation
even some countries do not impose all
the taxes and there are no taxation like
Bahamas Monaco Singapore Panama Malaysia
etc they impose some taxes and some time
nil recently for the first time Kailas
comment has imposed a 14.5 percent fat
tax yes fat tax on burger pizza to cause
and sandwiches kala estate honour India
India's tropical mana bar cost
Sheila is normally known as Indian state
in a South India
[Music]
so this is the history of we can see
this was a history of taxation if you
want to see more videos you can
subscribe our channel and please like
the channel if you like the video thank
you for watching
[Music]
professional world today's our topic is
related to taxation although we will
discuss many topics relating to taxation
but if you want to understand a
particular topic you can comment us too
before we start the topic we should know
about the taxation so today's topic is
history of taxation there are a lot of
questions this should come in mind
quickly first when the text started
second what country was the first impose
a tax and why which is the first country
in the world to collect tax there are
major three questions to understand
better about taxation in 1799 the first
important income tax was imposed to
raise money for the Napoleon was even in
the US income tax was first collected to
fund the civil war in 1864 on that era
some countries were taking the step to
implement taxation like European
countries Japan Australia New Zealand
implemented income tax in the second
half of the nineteenth century however
here 1799 is widely accepted as a
beginning of modern income tax and the
William Pitts government introduced
income tax
on that time tax rate were applicable as
on 60-pound at the rail 0.833 3% while
income of over 200 pound the tax rate
will be 2.5 percent one pound is equal
to 83 amounts aprox Li in Indian
currency on that time it is very
difficult to say exact amount but in the
starting year nine hundred nineteen
hundred one pound is almost equal to
fifteen to twenty five Indian currency
[Music]
see it is very difficult to learn each
and every tax rate of each and every
country on that time even in this time
too because every country has own rules
and regulation regarding taxation
even some countries do not impose all
the taxes and there are no taxation like
Bahamas Monaco Singapore Panama Malaysia
etc they impose some taxes and some time
nil recently for the first time Kailas
comment has imposed a 14.5 percent fat
tax yes fat tax on burger pizza to cause
and sandwiches kala estate honour India
India's tropical mana bar cost
Sheila is normally known as Indian state
in a South India
[Music]
so this is the history of we can see
this was a history of taxation if you
want to see more videos you can
subscribe our channel and please like
the channel if you like the video thank
you for watching
[Music]
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Nov 15, 2024 Last updated |
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