Ad
related to: section 54.16.285 d of income tax act
Search results
Results From The WOW.Com Content Network
The first permanent income tax was established by the Revenue Act of 1913, after the ratification of the Sixteenth Amendment to the United States Constitution earlier that year. A deduction for state and local taxes, as well as for national taxes, was included in the Revenue Act.
In order to help pay for its war effort in the American Civil War, the United States government imposed its first personal income tax, on August 5, 1861, as part of the Revenue Act of 1861. Tax rates were 3% on income exceeding $600 and less than $10,000, and 5% on income exceeding $10,000. [8]
Shortly after the amendment was ratified, Congress imposed a federal income tax with the Revenue Act of 1913. The Supreme Court upheld that income tax in the 1916 case of Brushaber v. Union Pacific Railroad Co., and the federal government has continued to levy an income tax since 1913.
For the tax year 2013, some taxpayers experienced the first year-to-year income-tax rate increase since 1993, although the rate increase came about not as a result of the 2012 Act, but as a result of the expiration of the Bush tax cuts. The new rates for income, capital gains, estates, and the alternative minimum tax would be made permanent. [3 ...
As part of the Water Resources Development Act of 1986, a harbor maintenance tax (26 U.S.C. § 4461) was imposed at the ad valorem (percentile) rate of 0.125% the value of the cargo instead of at a rate dependent entirely upon the cost of the service provided by the port.
Taxation of illegal income in the United States arises from the provisions of the Internal Revenue Code, enacted by the U.S. Congress in part for the purpose of taxing net income. [1] As such, a person's taxable income will generally be subject to the same federal income tax rules, regardless of whether the income was obtained legally or illegally.
Such automatic processing of returns is called as "summary assessment" and is carried out in accordance with sub-section (1) of section 143 of the Income Tax Act, 1961. When the Income Tax Department requires clarifications or supporting documents on a return filed by the taxpayer, the taxpayer is served a notice under sub-section (2) of ...