Budget 2021: Know how much income tax was in 1950 and how much has been done now, know all the information
Income tax is such a thing that is always discussed, how much tax is to be taken, there is no one standard in the country nor in the country, but they change from time to time. But the interesting thing is that tax has been there in all times. After independence, income tax rates were fixed in the budget of 1949-50 for the first time in India. Before this budget, one had to pay 1 paise or 4 paise on the income of 10 thousand rupees. Which was reduced to 3 paise on income up to 10,000 rupees. However, the tax on income above Rs 10,000 was reduced from 2 to 1.9.
In the year 1950, no income tax was to be paid on income up to Rs 1,500. Whereas income from Rs 1,501 to Rs 5,000 had to pay 9 pa ie 4.69 percent income tax. Those whose income ranged from Rs 5,001 to Rs 10,000 had to pay one anna and pay 9 pai i.e. 10.94 per cent income tax. Individuals whose income ranged from Rs 10,001 to Rs 15,000. They had to pay 21.88 percent income tax. At the same time, those with income above Rs 15,001 had to pay 31.25% tax. After this, tax changes were made in 1955.
What is the current income tax?
According to the current income tax rules, people up to an income of Rs 2.5 lakh have been kept tax free. Whereas people with income from Rs 2.5 lakh to Rs 5 lakh have to pay 5% income tax. At the same time, people whose income is from Rs 5 lakh to Rs 7.5 lakh. They have to pay 10% income tax on their income. Whose income ranges from Rs 7.5 lakh to Rs 10 lakh. They have to pay 15% income tax. Individuals whose income ranges from Rs 10 lakh to Rs 12.5 lakh. They have to pay 20% of their income tax. Those who have income from Rs 12.5 lakh to Rs 15 lakh. They have to pay 25% income tax. Whereas people with income above Rs 15 lakh have to pay 30 per cent tax.
What is income tax?
The tax that the central government collects on your annual income is called income tax. It is written and called Income Tax in Hindi. It is charged at different rate according to income of every person. This income tax is charged as corporate tax on business entities.