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Tax policy of India @ 75

Govt brought stability to tax policies; few features may be added to these policies in next 5 years

Sudhir Kapadia 

Sudhir Kapadia Income tax was introduced by the British in 1922 as a supposedly “temporary” measure to augment depleted revenues after World War I. The tax remained through the years leading to Independence and the income tax law was overhauled for the first time since Independence in 1962. Along with income tax, in due course there came capital gains tax, wealth tax, gift tax and estate duty. The structure and rates of taxation under these laws were heavily influenced by socialist philosophy. High to very high tax rates were accompanied by a plethora of complicated exemptions and deductions, ...

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First Published: Wed, August 30 2017. 22:39 IST
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