Udayavni Special

Budget 1955-56: The budget that introduced different tax slabs for married and unmarried Indians

Team Udayavani, Jan 28, 2021, 1:00 PM IST

Union Budget 2021 is just around the corner and Finance Minister Nirmala Sitharaman recently stated that this year’s Union Budget will be one the likes of which Indians haven’t been seen in over 100 years.

Notably, for the first time since independence, the budget papers will not be printed in the wake of the ongoing coronavirus pandemic. The Union Budget 2021 is going to be completely paperless.

Over the years there have been several changes brought in by the finance ministers. But did you know that the 1955-56 Union Budget presented by the then Finance Minister had proposed a highly significant income tax change depending on the marital status of individuals?

In this budget, the government proposed the idea of having different tax-exemption limits for married and unmarried individuals. The move was part of the initiative to create a suitable scheme of family allowances.

Finance Minister C D Deshmukh in his speech said, “In accordance with the recommendations of the Commission, the present tax-exempt slab of Rs 1,500 is being raised to Rs 2,000 for married persons and reduced to Rs 1,000 for unmarried persons. This is the first move in the direction of evolving a suitable scheme of family allowances, which the Commission have suggested for implementation. The net loss of revenue is estimated at Rs 90 lakhs.”

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Dy director of K’taka Mines & Geology Department suspended

K’taka COVID-19 update: 677 new cases, 427 discharges, 4 deaths on March 4

Swapna Suresh made allegations against Kerala CM, Speaker in dollar smuggling case: Customs to HC

High petrol, diesel prices burden on consumers; tax cut should be joint call of Centre, states: FM

Owner of SUV with explosives found near Ambani’s house dies by suicide

BJP Kerala chief K Surendran clarifies remark about CM candidate

I-T raids on Taapsee, Anurag Kashyap: FM says they were raided in 2013 as well

Related Articles More

Will strict Covid-19 protocols reduce Crowd at Kumbh Mela 2021?

Talks of Gau Rakshana merely to attract voters?

Karkala: Class 6 girl aspires to be Kambala Buffalo jockey

Jay Chaudhry, Himachal man who once studied under a tree is among world’s top billionaires today

E-vehicles charm coastal Karnataka; 450 of them sold in one year


Mangaluru: Jewellery store owner chases, nabs man who fled with gold ring

Mangaluru; Police arrested four students for ragging junior students

Mangaluru: Rear axle of car breaks away in collision

Mangaluru: police arrested three students in connecting with ragging junior students

Udayavani News Bulletin 5-3-21

Latest Additions

Entire fiscal stimulus to be funded by borrowing, revenues; not taking money from people, says FM

Nepal government, Maoist rebels formally sign peace agreement

Dy director of K’taka Mines & Geology Department suspended

K’taka COVID-19 update: 677 new cases, 427 discharges, 4 deaths on March 4

Farmers’ protest internal issue of India, says British govt

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.