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

Derogatory word against minister: AICC leader Surjewala calls for strict action against BJP MLC

Case registered against unknown persons who attempted to attack BJP MLC Ravi

Delhi polls: BJP issues ‘chargesheet’ against Kejriwal; vows to remove AAP from power

PVR INOX rejigs media biz, appoints Chief Sales Officer Shalu Sabharwal as head

Mastermind of kidnapping gang targeting celebrities arrested after encounter in UP’s Bijnor

Neelamangala accident: Tried avoiding hitting car in front, lost control, claims truck driver

Gurdaspur grenade attack: 3 Khalistani terrorists gunned down in encounter in UP

Related Articles More

December 21: Everything about the ‘Winter Solstice’

World Meditation Day 2024: Celebrating inner peace and well-being

Mangaluru: Vincent’s ‘Santa Claus’ ride marks 25 years of spreading Christmas cheer

I made him tabla, he made my life: Zakir Hussain’s tabla maker

Manipal-Konaje Knowledge and Health Corridor stuck in limbo

MUST WATCH

Tulunadu Daivaradane

Feeding Birds with Creative Paddy Art!

Areca Nut

HOTEL SRI DURGA BHAVANA

Harish Poonja


Latest Additions

Derogatory word against minister: AICC leader Surjewala calls for strict action against BJP MLC

Maha Kumbh 2025: 50,000 police personnel to ensure safety of pilgrims

Epigamia founder Rohan Mirchandani dies of cardiac arrest at age 42

Turned dreams of people into source of income: Priyanka slams govt over GST on exam forms

Goa-bound Vande Bharat train deviates from regular route due to technical snag at Diva station

Thanks for visiting Udayavani

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