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Last Updated : Jan 14, 2019 07:50 PM IST | Source: Moneycontrol.com

Budget Trivia (Part II): Did you know which budget proposed an income tax rate of 72.5%?

Encompassing over 70 years of history of independent India, in our Budget Trivia series, we present to you some of the lesser-known facts about the Budget process

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1957-58 | This budget proposed a new direct taxation instrument that remained in use for the next six decades. What is it? Ans: Wealth Tax (Reuters)
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1957-58 | This budget proposed a new direct taxation instrument that remained in use for the next six decades. What is it? Ans: Wealth Tax (Reuters)

1958-59 | This budget, the first and only by Prime Minister Jawaharlal Nehru, introduced a new taxation tool that was in use in many Western economies. What is it? <strong>Ans:</strong> Gift Tax (Wikimedia Commons)
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1958-59 | This budget, the first and only by Prime Minister Jawaharlal Nehru, introduced a new taxation tool that was in use in many Western economies. What is it? Ans: Gift Tax (Wikimedia Commons)

1959-60 | This budget introduced a structural change in India’s annual accounting exercise. Which was? <strong>Ans:</strong> Budget estimates, for the first time, was clubbed under two broad heads: Plan and Non-Plan expenditure (Creative Commons Images)
3/10

1959-60 | This budget introduced a structural change in India’s annual accounting exercise. Which was? Ans: Budget estimates, for the first time, was clubbed under two broad heads: Plan and Non-Plan expenditure (Creative Commons Images)

1960-61 | This budget gave out estimates of an import scheme that later snowballed into a controversy and remained part of India’s political lexicon for many years. Which scheme is this? <strong>Ans:</strong> PL 480, an agreement with the United States Administration signed in November 1959 for import of foodgrains, and other agricultural commodities valued at $257 million, about Rs 122 crores at the time. (Reuters)
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1960-61 | This budget gave out estimates of an import scheme that later snowballed into a controversy and remained part of India’s political lexicon for many years. Which scheme is this? Ans: PL 480, an agreement with the United States Administration signed in November 1959 for import of foodgrains, and other agricultural commodities valued at $257 million, about Rs 122 crores at the time. (Reuters)

 1961-62 | This budget announced the setting up of an oil refinery using a special line of credit offered by another government. Which government is this? Ans: Soviet Union (Reuters)
5/10

1961-62 | This budget announced the setting up of an oil refinery using a special line of credit offered by another government. Which government is this? Ans: Soviet Union (Reuters)

1962-63 | This budget is known for substantially raising the income tax rate to the highest. What was the highest income tax rate, excluding surcharge that this budget announced? <strong>Ans:</strong> 72.5 percent (The budget was presented by Morarji Desai; Image source: US embassy, New Delhi/File)
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1962-63 | This budget is known for substantially raising the income tax rate to the highest. What was the highest income tax rate, excluding surcharge that this budget announced? Ans: 72.5 percent (The budget was presented by Morarji Desai; Image source: US embassy, New Delhi/File)

1963-64 || This budget announced a new tax that drew widespread criticism from the industry. Which tax is this? Ans: A super-profits tax (Reuters)
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1963-64 | This budget announced a new tax that drew widespread criticism from the industry. Which tax is this? Ans: A super-profits tax (Reuters)

1964-65 || This budget introduced a direct taxation tool that was later abolished. What tax is this? Ans: The Expenditure Tax that was applicable to all expenditure above Rs 36,000 per annum no matter from which source the money for expenditure came (Reuters)
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1964-65 | This budget introduced a direct taxation tool that was later abolished. What tax is this? Ans: The Expenditure Tax that was applicable to all expenditure above Rs 36,000 per annum no matter from which source the money for expenditure came (Reuters)

1965-66 || This budget introduced India’s first-ever scheme to deal with black money and tax dodgers. What is it? Ans: India’s first-ever Voluntary Disclosure Scheme of unaccounted wealth, offering people a window to deposit undisclosed cash with the RBI on which tax was deducted. (Pexels)
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1965-66 | This budget introduced India’s first-ever scheme to deal with black money and tax dodgers. What is it? Ans: India’s first-ever Voluntary Disclosure Scheme of unaccounted wealth, offering people a window to deposit undisclosed cash with the RBI on which tax was deducted. (Pexels)

1966-67 || This budget abolished an instrument that was introduced to keep a tab on people’s unaccounted wealth. What is this? Ans: It abolished the expenditure tax introduced two years earlier (Pexels)
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1966-67 | This budget abolished an instrument that was introduced to keep a tab on people’s unaccounted wealth. What is this? Ans: It abolished the expenditure tax introduced two years earlier (Pexels)

First Published on Jan 29, 2018 12:07 pm
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