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Government of India – Income Tax Slab Rates for AY 1948-1949



Personal Income Tax Rates in India for the Financial Year 1947-1948 and Assessment Year 1948-1949

New Delhi (Delhi, India), February 17, 2016

Indian Government Ups Basic Personal Income Tax Exemption Limit from Rs. 1,500 to Rs. 1,500

The Government of India had increased the basic personal income tax exemption limit from Rs. 5,000 to Rs. 5,000 for the Financial Year 1947-1948 and Assessment Year 1948-1949.

The new income tax rates or Income tax slabs were applicable for the incomes earned or generated from August 15, 1947 to March 31, 1948.

Mr. Ramasamy Chetty Kandasamy Shanmukham Chetty, the Finance Minister of India, announced the new personal income tax slab rates while presenting the Union Budget of India, also called the Indian General Budget, on Wednesday, November 26, 1947 in New Delhi.

Here are the personal income tax slab rates for calculating your income tax for the Financial Year 1947-1948 (Assessment Year 1948-1949).

Income Tax Slabs for Individuals for the Financial Year 1947-1948 and Assessment Year 1948-1949

Sl No. Income Tax Slab Income Tax Rate Payable
1. On the first Rs. 1,500 of total income Nil
2. On the next Rs. 3,500 of total income One Anna in the Rupee
3. On the next Rs. 5,000 of total income Two Annas in the Rupee
4. On the next Rs. 5,000 of total income Three and half Annas in the Rupee
5. On the balance of total income Five Annas in the Rupee

Provided that –



(i) No income-tax shall be payable on a total income which, before deduction of allowance, if any, for earned income, does not exceed Rs. 2,500;

(ii) The income-tax payable shall in no case exceed half the amount by which the total income (before deduction of the said allowance, if any, for earned income) exceeds Rs. 2,500;

(iii) The income-tax payable on the total income as reduced by the allowance for earned income shall not exceed either –

(a) A sum bearing to half the amount by which the total income (before deduction of the allowance for earned income) exceeds Rs. 2,500, the same proportion as such reduced total income bears to unreduced total income, or

(b) The income-tax payable on the income so reduced at the rates herein specified, – whichever is less.

Applicable Surcharge:

Surcharge: No surcharge.

Union Budget of India 1947-1948 – Minister of Finance’s Speech
Ministry of Finance, Government of India – Finance Minister’s Budget Speech for Financial Year 1947-1948

Government of India – Personal Income Tax Rates and Slabs
Ministry of Finance, Government of India – Personal Income Tax Rates from FY 1947-1948 to FY 2016-2017

Government of India – Budget Speeches of Minister of Finance
Ministry of Finance, Government of India – Finance Ministers’ Budget Speeches FY 1947-1948 to 2016-2017


1 comment

  1. Amit Kumar Nathwani

    ખુબ સરસ માહિતી આપવા બદલ આભાર (Thank you for giving a great deal of information).

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