Finance Minister Nirmala Sitharaman announced what was expected to the middle class of the country for a long time. According to the Union Budget, there is no need to pay any tax on annual earnings up to 12 lakhs. This change in the budget has been made under the New Tax Regime. Earlier this discount was on annual earnings up to Rs 7 lakh. This announcement of the Finance Minister is considered to be a big relief for the common man. Due to major changes in tax slab, more money will be saved in the common man’s pocket. & Nbsp;
However, do you know how much tax was imposed on the common man in the budget presented for the first time in India. How many people were exempted from tax. What provisions were made in it, let’s know …
When was the first budget presented
After the revolution of 1857 in the British rule, the British had suffered a big loss and was condemned around it. To compensate this loss and improve the financial system of the country, the British had called well -known economist James Wilson to India. He presented the country’s first Union Budget on 7 April 1860. When the country became independent, RK Shanmukham Chetty was made Finance Minister. After this he presented the first budget of independent India on 26 November 1947. & nbsp;
There was so much income after independence, tax free
In this budget, annual earnings up to Rs 12 lakh have been tax free. Earlier, there was no tax on earnings up to Rs 7 lakh. However, you will not believe by listening to the tax slab after the country’s independence. Let me tell you, the income of up to Rs 1500 at the time of independence of the country was tax free. Over time, many changes were made in the tax slab. In 1949-50, John Mathai changed the tax slab. He had cut a quarter of a quarter of a 1st tax on an annual income of Rs 10,000. On the second slab with an income of more than 10,000, the tax was reduced to 1.9 from 2.
In the budget there was also a provision of tax
There were many provisions in India’s budget from time to time. In 1955, separate tax free income was kept for married and virgins in the country. Under this, married people were exempted from tax up to Rs 2000. This limit for virgins was only 1000 rupees. In 1958, income tax exemption was given based on the number of children. If there is no child when married, then there was an exemption from tax up to Rs 3000. 3300 rupees for a child, income of Rs 3600 on two children was tax free. & Nbsp;
