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Budget 2018
Last Updated : Jan 31, 2018 09:06 AM 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 70 lesser-known facts about the Budget process

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)
1/10

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? Ans: Gift Tax (Wikimedia Commons)
2/10

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? Ans: 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? Ans: PL 480, an agreement with the United States Administration signed in November 1959 for import of foodgrains, and other agricultural commodities valued at USD 257 million, about Rs 122 crores at the time. (Reuters)
4/10

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 USD 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? Ans: 72.5 percent (The budget was presented by Morarji Desai; Image source: US embassy, New Delhi/File)
6/10

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)
7/10

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)
8/10

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)
9/10

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)
10/10

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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