Home / Economy / News / The 70-year journey of income tax in India: From a peak of 97.75% to 30%

The 70-year journey of income tax in India: From a peak of 97.75% to 30%

In 1947, no income tax was payable on income up to Rs 2,500; seventy years later, in 2017, this figure rose 10x and became Rs 2.5 lakh

Premium

Last Updated : Jan 30 2019 | 1:41 PM IST

The acting Finance Minister, Piyush Goyal, would present the interim budget on February 1, 2019 and one of the most keenly awaited announcement would be about any changes in the individual income tax regime. Would the Modi government offer more relief to taxpayers before elections? Will the exemption limit be raised from Rs 2.5 lakh to Rs 3 lakh or even Rs 5 lakh? Will there be changes in rate of income tax across slabs?

Even as we await these announcements, we can study how the Indian government has taxed individual incomes since independence -- What the tax slabs have

What you get on BS Premium?

Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
Pick your 5 favourite companies, get a daily email with all news updates on them.
Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
Preferential invites to Business Standard events.
Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.

VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in