Last Update: January 09, 2023, 13:10 IST
If a person’s annual income is less than Rs 500, then he has to pay 2% tax.
The budget was first presented to the British Crown on 7 April 1860 by James Wilson, a Scottish economist and politician of the East India Company.
Union Finance Minister Nirmala Sitharaman will soon present the Union Budget 2023 in Parliament. This will be his fourth time to present the financial statement and tax proposals for the financial year 2022-23.
Every year, we wait for the budget for some relaxation and plan a layout for the upcoming year.
Ahead of Budget 2023, let’s turn back the clock and find out who laid the foundation for India’s future hopes.
The Union Budget was first presented to the British Crown on 7 April 1860 by James Wilson, a Scottish economist and former politician. India company. During the budget of the first British India, the makers kept account of four components of the source of income. Revenue from property, profession, or business, securities, as well as salary and pension income were taken into account. At that time there were only two tax slabs.
A person paid two percent tax if his annual income was less than Rs.500. While income above Rs 500 was subject to 4% tax. Accordingly, those earning less than Rs 500 had to pay 10 taxes and those earning more had to pay 20 taxes. Do you know the person who introduced paper currency in our country? None other than James Wilson.
Now, you must be wondering when India saw its first independent budget. It was on November 26, 1947, when the first Union Budget of independent India was presented by RK Shanmukham Chetty, who was then serving as the Finance Minister. The Union Budget was presented at 5 pm on the last business day of February till 1999 following the British tradition. The budget presentation time was adjusted to 11 am in 1999 by Finance Minister Late Yashwant Sinha.
Contrary to the colonial-era practice of presenting the Union Budget on the last working day of the month, Arun Jaitley began doing so on 1 February 2017. The Union Budget was presented in English till 1955. But the Congress-led administration eventually chose to print the budget documents in both Hindi and English.
The outbreak of Covid-19 led to the removal of the paper from the 2021–2022 budget, a first for independent India. After Indira Gandhi, Nirmala Sitharaman is the second woman in Indian history to present the Union Budget.
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