GK
IMPORTANT ACTS OF THE PARLIAMENT OF INDIA
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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1921
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1931
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1941
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1951
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Detailed explanation-1: -India Code: Provisional Collection of Taxes Act, 1931. Long Title: An Act to amend the law providing for the immediate effect for a limited period of provisions in Bills relating to the imposition or increase of duties of customs or excise.
Detailed explanation-2: -The parliament imposed tax on services by exercising its power to legislate under Entry No. 97 of the Union list under Seventh Schedule, which is a residual entry. At times, the competency of Parliament to legislate on levy and collection of service tax under the Entry No.
Detailed explanation-3: -The Income Tax Act, 1961 aims to promote economic growth, build a society with full employment, control economic fluctuations, bring stability in prices, and control tax differentiation. The main objective is to amend and consolidate the rules of taxation in the country.