Wealth tax to 'Black Budget': Here're India-specific snippets on Budget

Budget, which comes from bougette (French for bag), has a storied history. Starting today, we will bring you some India-specific snippets

Wealth Tax was introduced in Budget 1957-58, presented by T T Krishnamachari. Levied on the total value of personal assets, it remained in the picture in one form or the other till Finance Minister Nirmala Sitharaman abolished it in 2015, her maiden Budget. During his next stint as finance minister, Krishnamachari, in his interim and Union Budgets of 1965-66, introduced the first voluntary disclosure income scheme (VDIS) against black money — it was the first such effort.

T T Krishnamachari (centre) presiding over the State’s Finance