April 21, 2019

Important Changes in Income Tax Returns Form

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Shares listed in Metropolitan Stock Exchange and Calcutta Stock Exchange are categorised as Listed ?? ( PLEASE RECHECK THIS POINT WITH INCOME TAX EXPERTS / C. A .s


Why do we use the word RETURNS for Income tax details ?
The answer lies in the situation prevailing in British India in 1860 when Income Tax was first introduced in India.

Before the Revolt of 1857 , East India Company officials were most corrupt.
In the Reforms introduced by the British Crown administration every British official RETURNING to England had to submit details of the property he had acquired during his stay in India ( Hence , the word RETURN ) Robert Clive , Warren Hasti
ngs had acquired millions by looting Indians ( Back in England , they were derisively called "NABOBS `

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