Government of India had increased the basic personal income tax exemption limit from Rs. 3,000 to Rs. 3,000 for Financial Year 1960-1961 and Assessment Year 1961-1962. The new income tax rates or income tax slabs were effective from April 01, 1960.
Personal Income Tax Rates in India for the Financial Year 1960-1961 and Assessment Year 1961-1962
New Delhi (Delhi, India), August 12, 2018
Indian Government Ups Basic Personal Income Tax Exemption Limit from Rs. 3,000 to Rs. 3,000
The Government of India had increased the basic personal income tax exemption limit from Rs. 3,000 to Rs. 3,000 for the Financial Year 1960-1961 and Assessment Year 1961-1962.
The new income tax rates or Income tax slabs were applicable for the incomes earned or generated from April 01, 1960 to March 31, 1961.
Mr. Morarji Desai, 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 Monday, February 29, 1960 in New Delhi.
Here are the personal income tax slab rates for calculating your income tax for the Financial Year 1960-1961 (Assessment Year 1961-1962).
I. Income Tax Slabs for Married Individuals for the Financial Year 1960-1961 and Assessment Year 1961-1962
In the case of every individual who is married and whose total income does not exceed Rs. 20,000
A. Where the individual has no child wholly or mainly dependent on him
1. Income Tax Slab: Rs. 0 to 3,000 – Income Tax Rate Payable: Nil
2. Income Tax Slab: Rs. 3,001 to 5,000 – Income Tax Rate Payable: 3%
3. Income Tax Slab: Rs. 5,001 to 7,500 – Income Tax Rate Payable: 6%
4. Income Tax Slab: Rs. 7,501 to 10,000 – Income Tax Rate Payable: 9%
5. Income Tax Slab: Rs. 10,001 to 12,500 – Income Tax Rate Payable: 11%
6. Income Tax Slab: Rs. 12,501 to 15,000 – Income Tax Rate Payable: 14%
7. Income Tax Slab: Rs. 15,001 to 20,000 – Income Tax Rate Payable: 18%
B. Where the individual has one child wholly or mainly dependent on him
1. Income Tax Slab: Rs. 0 to 3,300 – Income Tax Rate Payable: Nil
2. Income Tax Slab: Rs. 3,301 to 5,000 – Income Tax Rate Payable: 3%
3. Income Tax Slab: Rs. 5,001 to 7,500 – Income Tax Rate Payable: 6%
4. Income Tax Slab: Rs. 7,501 to 10,000 – Income Tax Rate Payable: 9%
5. Income Tax Slab: Rs. 10,001 to 12,500 – Income Tax Rate Payable: 11%
6. Income Tax Slab: Rs. 12,501 to 15,000 – Income Tax Rate Payable: 14%
7. Income Tax Slab: Rs. 15,001 to 20,000 – Income Tax Rate Payable: 18%
C. Where the individual has more than one child wholly or mainly dependent on him
1. Income Tax Slab: Rs. 0 to 3,600 – Income Tax Rate Payable: Nil
2. Income Tax Slab: Rs. 3,601 to 5,000 – Income Tax Rate Payable: 3%
3. Income Tax Slab: Rs. 5,001 to 7,500 – Income Tax Rate Payable: 6%
4. Income Tax Slab: Rs. 7,501 to 10,000 – Income Tax Rate Payable: 9%
5. Income Tax Slab: Rs. 10,001 to 12,500 – Income Tax Rate Payable: 11%
6. Income Tax Slab: Rs. 12,501 to 15,000 – Income Tax Rate Payable: 14%
7. Income Tax Slab: Rs. 15,001 to 20,000 – Income Tax Rate Payable: 18%
II. Income Tax Slabs for Married Individuals for the Financial Year 1960-1961 and Assessment Year 1961-1962
In the case of every individual who is married and whose total income exceed Rs. 20,000
1. Income Tax Slab: Rs. 0 to 1,000 – Income Tax Rate Payable: Nil
2. Income Tax Slab: Rs. 1,001 to 5,000 – Income Tax Rate Payable: 3%
3. Income Tax Slab: Rs. 5,001 to 7,500 – Income Tax Rate Payable: 6%
4. Income Tax Slab: Rs. 7,501 to 10,000 – Income Tax Rate Payable: 9%
5. Income Tax Slab: Rs. 10,001 to 12,500 – Income Tax Rate Payable: 11%
6. Income Tax Slab: Rs. 12,501 to 15,000 – Income Tax Rate Payable: 14%
7. Income Tax Slab: Rs. 15,001 to 20,000 – Income Tax Rate Payable: 18%
8. Income Tax Slab: Rs. 20,001 and above – Income Tax Rate Payable: 25%
III. Income Tax Slabs for Unmarried Individuals for the Financial Year 1960-1961 and Assessment Year 1961-1962
1. Income Tax Slab: Rs. 0 to 1,000 – Income Tax Rate Payable: Nil
2. Income Tax Slab: Rs. 1,001 to 5,000 – Income Tax Rate Payable: 3%
3. Income Tax Slab: Rs. 5,001 to 7,500 – Income Tax Rate Payable: 6%
4. Income Tax Slab: Rs. 7,501 to 10,000 – Income Tax Rate Payable: 9%
5. Income Tax Slab: Rs. 10,001 to 12,500 – Income Tax Rate Payable: 11%
6. Income Tax Slab: Rs. 12,501 to 15,000 – Income Tax Rate Payable: 14%
7. Income Tax Slab: Rs. 15,001 to 20,000 – Income Tax Rate Payable: 18%
8. Income Tax Slab: Rs. 20,001 and above – Income Tax Rate Payable: 25%
Provided that for the purposes of this Paragraph:
(i) No income-tax shall be payable on a total income which does not exceed the limit specified below;
(ii) The income-tax payable shall in no case exceed hall the amount by which the total income exceeds the said limit;
(iii) The income-tax payable by an individual who is married, whose total income exceeds Rs. 20,000 shall not exceed the aggregate of –
(a) The income-tax which would have been payable if the total income had been Rs. 20,000;
(b) Half the amount by which the total income exceeds Rs. 20,000;
The limit aforesaid shall be Rs. 3,000.
Applicable Surcharges on Income-Tax:
The amount of income-tax computed at the rates hereinbefore specified shall be increased by the aggregate of the surcharges calculated as under:
(a) A surcharge for purposes of the Union equal to the sum of –
(i) 5% of the amount of income-tax; and
(ii) Where the earned income included in the total income exceeds Rs. 1,00,000, 5% of the difference between the amount of income-tax which would have been payable on the whole of the earned income included in the total income if such earned income had been the total income and the amount of income-tax payable on a total income of Rs. 1,00,000;
(b) A special surcharge at 15% of the difference between the amount of income-tax on the total income and the amount of income-tax on the whole of the earned income, if any, included in the total income if such earned income had been the total income:
Provided that:
(i) No surcharge for purposes of the Union shall be payable where the total income does not exceed the limit specified below;
(ii) No special surcharge shall be payable in the case of an assessee whose total income does not include any income from dividend on ordinary shares if his total income does not exceed the limit specified below, and where the total income includes any dividends on ordinary shares, such limit shall be increased by Rs. 1,500 or the amount of the said dividends, whichever is less:
Provided further that:
(a) Where the total income includes any dividends on ordinary shares, the surcharge for purposes of the Union and the special surcharge shall not in each case exceed half the amount by which the total income exceeds the respective limits applicable in either case;
(b) The surcharge for purposes of the Union and the special surcharge, both together, shall not exceed half the amount by which the total income exceeds the limit specified below;
The limit aforesaid shall be Rs. 7,500.
Union Budget of India 1960-1961 – Minister of Finance’s Speech
Ministry of Finance, Government of India – Finance Minister’s Budget Speech for Financial Year 1960-1961
