union budget 2023-24, different income tax slabs for married and unmarried … when this announcement was made in the budget – union budget that introduced different tax slabs for married and single Indians
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Wealth tax was introduced in the 1950s. Simultaneously, the maximum rates on income tax were reduced from five annas to four annas. In the Union Budget of 1955-56, Deshmukh had said that the existing tax-exempt slab of Rs 1,500 was being raised to Rs 2,000 for married people. It was reduced to Rs 1,000 for unmarried. The move was taken on the basis of the recommendations of the Planning Commission. The net loss of revenue of Rs 90 lakh was estimated in the budget.
Income Tax Slab for Married Individuals for the Financial Year 1955-1956
1. Tax Slab Rs 0 to Rs 2,000 – Payable: No Income Tax Payable
2. Rs 2,001 to Rs 5,000 tax slab – Income tax rate payable: Nine pies in Rs.
3. Rs 5,001 to Rs 7,500 tax slab – Income tax rate payable: One anna and nine pies to a rupee
4. Tax slab of Rs 7,501 to Rs 10,000 – Income tax rate payable: Two annas and three pies in a rupee
5. Rs 10,001 to Rs 15,000 tax slab – Income tax rate payable: Three annas and three pies in a rupee
6. Rs.15,001 and above – Income tax payable: Four annas to a rupee
Budget 2023: The biggest good news is coming in the budget for tax payers, 15 thousand will be saved directly
Income Tax Slabs for Unmarried Individuals for the Financial Year 1955-1956
1. Rs 0 to Rs 1,000 – Income tax rate payable: No income tax
2. Rs 1,001 to Rs 5,000 – Income tax rate payable: Rs 9 pie
3. Rs 5,001 to Rs 7,500 – Income tax rate payable: One anna and nine pies to a rupee
4. Rs 7,501 to Rs 10,000 – Income tax rate payable: Two annas and three pies per rupee
5. Rs 10,001 to Rs 15,000 – Income tax rate payable: Rs 3 annas and 3 pies
6. Rs 15,001 and above – Income tax rate payable: Four annas to a rupee
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