Income tax II in 1188 to raise money for the Third Crusade. The tithe demanded that each layperson in England and Wales be taxed one tenth of their personal income and moveable property. The inception date of the modern income tax is typically accepted as 1799, at the suggestion of Henry Beeke, the future Dean of Bristol. This income tax was introduced into Great Britain by Prime Minister William Pitt the Younger in his budget of December 1798, to pay for weapons and equipment for the French Revolutionary War. Pitt's new graduated (progressive) income tax began at a levy of 2 old
Income tax in India of misreporting income, the penalty shall be 200% of the amount of tax payable on misreported income." 3. Fee u/s 234F for late filing of ITR :- As per the budget 2017, a new section 234F has been introduced to ensure timely filing of returns of income. According to Section 234F, if a person is required to file income tax return (ITR) as per income tax law (section 139(1)) but does not file it within the due date then late fees shall be levied upon him. The amount of fees shall depend upon the time of filing the return and