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A specific historic Income Tax Act is described in the lesson as the one which, for the first time, gave a specific nomenclature to various income-tax authorities and laid the foundation of a proper administrative system. Which Act was that?
Answer & Solution
Correct answer: B.
1. The 1922 Act marked the start of the organisational history of the IT Department.
2. It gave a specific nomenclature to income-tax authorities for the first time.
3. It laid the foundation of a proper administrative system through annual Finance Acts.
4. The 1860 and 1886 Acts did not perform this organisational role; 1961 only consolidated it.
_Source: ICSI CS Executive Paper 4 (Tax Laws) — Lesson 1: Direct Taxes — At a Glance, pp. 10-22._
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