After independence, ever since the budget started being presented, many governments changed from time to time and many announcements were made regarding income tax. Know where the interesting story related to the budget was when separate tax slabs were declared for married and unmarried.
Budget 2023-24: Finance Minister Nirmala Sitharaman is going to present the country’s budget (Union Budget 2023) on 1 February. This is the fifth budget of Nirmala Sitharaman and the last full budget of the second term of the Modi government. For this reason, people have high hopes for this budget. Especially this time the middle class is sitting with lots of hopes regarding Income Tax. After independence, ever since the budget started being presented, many governments changed from time to time and many announcements were made regarding income tax.
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Many times people got good concessions, and many times they had to face difficulties. Due to this, the government has to face praise and criticism from time to time. In this episode, today we will tell you an interesting story related to the budget, when separate tax slabs were announced for married and unmarried people, due to which the tax burden on unmarried people increased considerably.
Know when this unique announcement was made
It is about the budget for 1955-56. At that time Chintaman Dwarkanath Deshmukh whom C. D. Deshmukh (C. D. Deshmukh) was the finance minister. The then Finance Minister had presented a unique budget at that time and started the scheme of family allowance. In which separate tax slabs were declared for married people and bachelors. At that time, the existing tax-exempt slab of Rs 1,500 was increased to Rs 2,000 for married people and was reduced to Rs 1,000 for unmarried people.
Decision on the recommendation of the Planning Commission
This decision of separate slabs of budget for married people and bachelors was taken on the basis of the recommendation of the Planning Commission. Along with this, the maximum rates on income tax were reduced from 5 annas to 4 annas. This was the occasion when the Hindi version of the budget scheme was also brought for the first time. Since then only the Hindi version of the Annual Financial Statement and Explanatory Memorandum is circulated.
This was the tax slab of that time
Talking about the tax slabs of the budget that came in 1955-56, there was no tax on married people earning 0 to 2,000 rupees. On income from Rs 2,001 to Rs 5,000, 9 pies in rupees, and on income from Rs 5,001 to Rs 7,500, one anna and 9 pies had to be paid as tax. On the other hand, if we talk about bachelors, then there was no tax on the income of 0 to 1,000 rupees. On income from Rs 1001 to Rs 5,000, 9 pies in rupees, and on income from Rs 5,001 to Rs 7,500, one anna and 9 pies had to be paid as tax.
