The first federal income tax was

• The first federal income tax was enacted in 1861, and expired in 1872, amid constitutional challenges. A corporate income tax was enacted in 1894, but a key aspect of it was shortly held unconstitutional. In 1909, Congress enacted an excise tax on corporations based on income. After ratification of the Sixteenth amendment to the U. S. Constitution, this became the corporate provisions of the federal income tax. [14] Amendments to various provisions affecting corporations have been in most or all revenue acts since. Corporate tax provisions are incorporated in Title 26 of the United States Code, known as the Internal Revenue Code. The present rate of tax on corporate income was adopted in the Tax Reform Act of 1986. [15] • In 2010, corporate tax revenue constituted about 9% of all federal revenues or 1. 3% of GDP

INTRODUCTION • Tax is today an important source of revenue for governments in all the countries. It has become inevitable imposition because it has great potentials for raising funds for meeting the development and defense needs of a nation. In other word taxes on income, sale, purchase and properties were collected to run Government machineries.

• Direct Taxes: A tax which is born and paid directly by the person on whom it is impose is a direct tax e. g. , Income Tax, Wealth Tax, Gift Tax, etc. It is directly paid by the tax payer to the government without any intermediary and it comes from own pocket.

INDIRECT TAX • Indirect Taxes: If a tax is passed on by the tax payer to some other person, it is and indirect tax e. g. Sales Tax, Value Added Tax (VAT) etc. It is not directly paid by the person on whom it is levied, but is paid indirectly through the medium of other persons.

Scheme of Income Tax • Determination of Residential Status of an asseesse • Total Income calculation • Income from salary • Income from house property • Profit or gain under business and profession Income from Capital gain • Income from other sources

INCOME-TAX • Tax collected by the central Government for each financial year on the total taxable income of an assessee earned during the previous year is called Income-tax.

• It is a process of determining the correctness of income of an assessee and of assessing the amount of tax payable by him and procedure for imposing tax liability.

• Tax revenue is used mainly to finance welfare, that is to pay for public sector expenditure. • There are various types of taxes. Swedish taxes are usually classified as follows: • Direct taxes on labour • taxes payable on income from work • taxes on income related to work (such as sickness benefits, pensions and parental benefits) • basic pension contributions

• Indirect taxes on labour • social security contributions (employers contributions and selfemployed contributions for self-employed persons) • general payroll taxes • special employers contributions payable on certain types of compensation and employee benefits • Taxes on income from capital • taxes payable on income from capital assets (such as interest, dividends and rent) • capital gains tax • Taxes on property • In 2008 the national real estate tax was replaced with a local government real estate charge.

Corporate taxation tax on income from business activities Taxes on goods and services value-added tax (VAT) excise duties on alcohol and tobacco, oil, petrol, etc. • The regulations are those applying in 2009. • • •

• Sales Taxes • Sales taxes are a form of fixed-rate levies on the sales of goods or services. It is the tax that is the most visible, since you typically pay it every time you buy merchandise at the store. • Luxury Tax • According to the IRS, this is an additional tax assessed on what the Government considers "luxury" items. This usually means highly expensive goods like yachts and jewelry are subject to not only a sales tax but also an additional luxury tax. • Use Tax • This tax is assessed on services such as the storage of goods, or on leasing items; examples include car rentals. Use tax is also used in the United States to tax goods that are bought out-of-state and shipped to another state. • Property Taxes • These taxes are assessed on real estate or vehicles. This includes cars, often called an auto registration fee, homes, factories, airplanes and commercial properties, such as malls.

• Tariffs are taxes assessed on goods entering or leaving a country. Primarily they are used to raise the prices of goods entering the country and are aimed to protect an industry from foreign competition. • Sin Tax • This is a tax on the purchase of items or services that are considered to be undesirable by society. This includes alcohol and cigarettes. Other taxes covered under this category include taxes on prostitution, gambling or heavy-polluting vehicles. • Capital Gains Tax • Capital gains taxes are assessed on goods sold for more than was paid to purchase them. This includes the sale of homes, stocks and securities for a higher price than they were purchased for. • Payroll Tax • This tax covers a broad number of taxes. Payroll tax includes withholding taxes paid when you work and is used to cover your income taxes. It also includes taxes to support unemployment insurance, Social Security, Medicare and self-employment taxes. • Fuel Taxes are designed to pay for roads and other related services. This is assessed on the sale of gasoline.

• A means by which governments finance their expenditure by imposing charges on citizens and corporate entities. • Governments use taxation to encourage or discourage certain economic decisions. For example, reduction in taxable personal (or household) income by the amount paid as interest on home mortgage loans results in greater construction activity, and generates more jobs. See also taxation principles.

CONCLUTION • The Highest income among our Group ‘ s cricketers in of M S Dhoni. • Also the cricketers have a major portion of earnings from Profession which is by virtue of their IPL Contracts and Endorsement money which they receive. • Also not many cricketers have a lot of Deductions taken by them.