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Your Budget 2018 Is Come Up With That May benefits The Common Man

your budget 2018
your budget 2018

What the your budget 2018 is come up with that may benefits the common man, Brief knowledge over tax slab curve over the past 70 years, what about your budget 2018, How this budget is going to be crucial for the 2019 election point of view, How personal tax slab structure has evolved over the past 70 years and what is tax slab.

What the Your budget 2018 is come up with that may benefits the common man?

The time has come when the government is going to show up their report card by announcing the budget of 2018. However in order to know the expectation of the common people government is trying to improve the tax slab. According to the latest news this time also tax slab is for the people.

Brief knowledge over tax slab curve over the past 70 years, what about Your budget 2018?

Since 70 years the tax slab is changing and improving that affects life of common people in India. As per the latest news and information we are sharing some documented report on the Economic survey and past income tax slab of India. Also India has high income tax rate of 97.5% and there are history of 11 tax slab in India. Every year this time when budget decide what is the tax slab is concerns surmount to the finance minstery of India.

We have had history of major tax reforms in India for income tax specially. Also according to the report there are only few moments in 70 year history that tells the tale of tax slab change. However the last one is “Dream Budget” by P.Chidambaram then finance Minister in year 1997.

How this budget is going to be crucial for the 2019 election point of view

The government is under pressure as the elections are approaching next year. So this performance card will shed some facts about government’s work. Arun Jaitley our finance minister is going to show Your budget 2018 very soon. And we hope budget will concerned with the necessities of the common people.

How personal tax slab structure has evolved over the past 70 years and what is tax slab of Your budget 2018 is?

Taking the special time in history when the tax slab is hit for the change and it’s really helps the common man.

1949-50

First time in the history of income tax in year 1949, then finance Minister John Mathai reduced the tax on income. Similarly the amount was reduced by quarter of anna on income up to Rs 10000 which is quite a big decision at that time. Moreover amount from one anna to nine pies in the second slab was reduced. An anna is equal to 1/16 of a rupee. It was divided into 4 paisa or 12 pies and 64 paise in one rupee and 192 pies.

1974-75

Finance minister Y.B. Chavan cut the marginal rate from 97.5% to 75%. Moreover there was no income tax on the income of Rs 6000 per annum. The income of Rs 70000 and above was account for the income tax. Also the goal was to increase the income of the Indian people.

1985-86

The highest marginal rate of income tax is decrease from 61.87 % to 50 %. Those earning less than Rs 18000 were not account to pay tax. The slab of tax is reduce to four from eight. First time rate of income tax on Rs 18001 to Rs 25000 is decided  fix at 25%. Then Rs 25001 to Rs 50000 it was 30% and from Rs 50000 to Rs one lakh comes under 40% tax radar.

1992-93

This was the time when India moved towards globalization and finance minister was Manmohan Singh. The slab is adjusted by Manmohan singh but the rates were kept the same.

Rs 35000-Rs 60000 20%
Rs 60000-Rs 1.2 lakh 30%
Rs 1.2lakhs plus 40%

1997-98

  1. Chidambaram represented the “Dream budget” and replace the then prevailing rates of 15, 30 and 40% to 10, 20 and 30%.
Rs 40000- Rs 60000 10%
Rs 60000- Rs 1.5 lakh 20%
Rs 1.5 lakh and above 30%

2005-06

The tax brackets again decided by the then Finance Minister P. Chidambaram. However There was no income tax impose on the income holder of Rs one lakh.

Rs 1 lakh to Rs 1.5 lakh 10%
Rs 1.5 lakh to Rs 2.5 lakh 20%
Rs 2.5 lakh and above 30%

2010-2011

Pranab Mukherjee announced the tax slab as per

Rs 1.6 lakh to Rs 5 lakh 10%
Rs 5 lakh to Rs 8 lakh 20%
Rs 8 lakh and above 30%

 

2014-15

The wealth tax was abolished at this time and Arun Jaitley impose surcharge of 2 % on the super rich of income above Rs 1 crore.

2017-18

The major reforms can be seen here at this time and it may affect the Your budget 2018 too. Moreover people earning Rs 3 lakh per annum are tax free.

Rs 2.5 lakh to Rs 5 lakh 5%
Rs 5 lakh to Rs 8 lakh 20%
Rs 8 lakh and above 30%

Your Budget 2018

The budget may show some light on low income people i.e. to help them. As the 7th pay commission is also imposed in the past year 2016. Moreover People earning Rs 2 lakh per annum are exempted from income tax. The proposed bill of budget 2018 is as follows:-

Rs 2 lakh to Rs 5 lakh 10%
Rs 5 lakh to Rs 10 lakh 20%
Rs 10 lakh and above 30%

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