2020
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Narendra Modi
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Ram Nath Kovind
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Amit Shah
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Yogi Adityanath
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Detailed explanation-1: -On August 13, 2021, the Taxation Laws (Amendment) Act, 2021 received presidential assent to amend the Income Tax Act, 1961 and the Finance Act of 2012. The 2021 Act nullifies the ‘retrospective taxation’ that was introduced with the Finance Act of 2012.
Detailed explanation-2: -James Wilson, the first Finance Minister of the British Indian Government introduced the tax system in India. In 1860, income tax was introduced by James Wilson in India.
Detailed explanation-3: -Taxes are determined by the Central and State Governments along with local authorities like municipal corporations. The government cannot impose any tax unless it is passed as a law.
Detailed explanation-4: -Direct Taxes in India were governed by two major legislations, Income Tax Act, 1961 and Wealth Tax Act, 1957. A new legislation, Direct Taxes Code (DTC), was proposed to replace the two acts. However, the Wealth Tax Act was repealed in 2015 and the idea of DTC was dropped.