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Budget 2018
Last Updated : Jan 31, 2018 09:06 AM IST | Source: Moneycontrol.com

Budget Trivia (Part III): Did you know which budget taxed rewards earned from solving crossword puzzles?

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

1967-68 || This budget was first of its kind in one particular respect. What was unique about it? Ans: For the first the time, the budget was presented by the Deputy Prime Minister (Morarji Desai), who was also the Finance Minister. (Image source: US embassy, New Delhi/File)
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1967-68 || This budget was first of its kind in one particular respect. What was unique about it? Ans: For the first the time, the budget was presented by the Deputy Prime Minister (Morarji Desai), who was also the Finance Minister. (Image source: US embassy, New Delhi/File)

1968-69 || This budget abolished an unusual instrument that was found to be misused by people. What is it? Ans: It abolished the “spouse allowance” –a tax saving tool—for both husband and wife if both had taxable incomes (Reuters)
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1968-69 || This budget abolished an unusual instrument that was found to be misused by people. What is it? Ans: It abolished the “spouse allowance” –a tax saving tool—for both husband and wife if both had taxable incomes (Reuters)

1969-70 || The price of a class of products saw a sharp jump after this budget because it raised taxes due to being seen as a `status symbol’. What products are we talking about? Ans: Imported cars whose duty was now raised from 60 to 100 percent, bringing it at par with other luxury items that were seen as status symbols. (Pexels)
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1969-70 || The price of a class of products saw a sharp jump after this budget because it raised taxes due to being seen as a `status symbol’. What products are we talking about? Ans: Imported cars whose duty was now raised from 60 to 100 percent, bringing it at par with other luxury items that were seen as status symbols. (Pexels)

1970-71 || What was unique about the 1970-71 budget? Ans: It remains India’s only budget to be presented by a woman—Prime Minister Indira Gandhi, who was also the Finance Minister (Wikimedia Commons)
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1970-71 || What was unique about the 1970-71 budget? Ans: It remains India’s only budget to be presented by a woman—Prime Minister Indira Gandhi, who was also the Finance Minister (Wikimedia Commons)

1971-72 || This budget introduced a new instrument to clamp down on cash deals that had a bearing on travellers. What was it? Ans: A tax was levied on foreign travel at the rate of 20 percent on all tickets purchased in rupees; tickets paid for in foreign exchange was exempt. (Wkimedia Commons)
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1971-72 || This budget introduced a new instrument to clamp down on cash deals that had a bearing on travellers. What was it? Ans: A tax was levied on foreign travel at the rate of 20 percent on all tickets purchased in rupees; tickets paid for in foreign exchange was exempt. (Wkimedia Commons)

1972-73 || A proposal in this budget drew widespread criticism from those who loved words and literature. What measure are we talking about? Ans: It proposed a tax of 34.5 percent on rewards earned by solving crossword puzzles (Reuters)
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1972-73 || A proposal in this budget drew widespread criticism from those who loved words and literature. What measure are we talking about? Ans: It proposed a tax of 34.5 percent on rewards earned by solving crossword puzzles (Reuters)

1973-74 || For this time, a budget proposal was made to tax rich villagers. What was the proposal? Ans: It proposed looking at non- agricultural components of person’s income for purposes of determining the rates of income tax that will apply where the taxpayer has non- agricultural income exceeding the exemption limit. (Reuters)
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1973-74 || For this time, a budget proposal was made to tax rich villagers. What was the proposal? Ans: It proposed looking at non- agricultural components of person’s income for purposes of determining the rates of income tax that will apply where the taxpayer has non- agricultural income exceeding the exemption limit. (Reuters)

1974-75 || This budget contained a measure that set the tone for reforming India’s income tax structure. What was it? Ans: It slashed the maximum marginal rate of income-tax, including surcharge, from 97.75 percent to 75 percent. (Pexels)
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1974-75 || This budget contained a measure that set the tone for reforming India’s income tax structure. What was it? Ans: It slashed the maximum marginal rate of income-tax, including surcharge, from 97.75 percent to 75 percent. (Pexels)

1975-76 || This budget contained a special measure to incentivize people to not dip into their savings pool. What was it? Ans: It introduced an incentive bonus scheme encourage government employees to not frequently withdraw money from their provident fund accounts. (Reuters)
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1975-76 || This budget contained a special measure to incentivize people to not dip into their savings pool. What was it? Ans: It introduced an incentive bonus scheme encourage government employees to not frequently withdraw money from their provident fund accounts. (Reuters)

1976-77 || This budget mentioned a policy plan that became a defining programme for later Congress governments. What plan are we talking about? Ans: The 20-point Programme (Wikimedia Commons)
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1976-77 || This budget mentioned a policy plan that became a defining programme for later Congress governments. What plan are we talking about? Ans: The 20-point Programme (Wikimedia Commons)

First Published on Jan 29, 2018 06:20 pm
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