Government of India had increased the basic personal income tax exemption limit from Rs. 1,500 to Rs. 2,000 for Financial Year 1955-1956 and Assessment Year 1956-1957. The new income tax rates or income tax slabs were effective from April 01, 1955.
Personal Income Tax Rates in India for the Financial Year 1955-1956 and Assessment Year 1956-1957
New Delhi (Delhi, India), August 12, 2018
Indian Government Ups Basic Personal Income Tax Exemption Limit from Rs. 1,500 to Rs. 2,000
The Government of India had increased the basic personal income tax exemption limit from Rs. 1,500 to Rs. 2,000 for the Financial Year 1955-1956 and Assessment Year 1956-1957.
The new income tax rates or Income tax slabs were applicable for the incomes earned or generated from April 01, 1955 to March 31, 1956.
Mr. Chintaman Dwarakanath Deshmukh, 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 28, 1955 in New Delhi.
Here are the personal income tax slab rates for calculating your income tax for the Financial Year 1955-1956 (Assessment Year 1956-1957).
Income Tax Slabs for Married Individuals for the Financial Year 1955-1956 and Assessment Year 1956-1957
1. Income Tax Slab: Rs. 0 to 2,000 – Income Tax Rate Payable: No Income Tax
2. Income Tax Slab: Rs. 2,001 to 5,000 – Income Tax Rate Payable: Nine Pies in the Rupee
3. Income Tax Slab: Rs. 5,001 to 7,500 – Income Tax Rate Payable: One Anna and Nine Pies in the Rupee
4. Income Tax Slab: Rs. 7,501 to 10,000 – Income Tax Rate Payable: Two Annas and Three Pies in the Rupee
5. Income Tax Slab: Rs. 10,001 to 15,000 – Income Tax Rate Payable: Three Annas and Three Pies in the Rupee
6. Income Tax Slab: 15,001 and above – Income Tax Rate Payable: Four Annas in the Rupee
Income Tax Slabs for Unmarried Individuals for the Financial Year 1955-1956 and Assessment Year 1956-1957
1. Income Tax Slab: Rs. 0 to 1,000 – Income Tax Rate Payable: No Income Tax
2. Income Tax Slab: Rs. 1,001 to 5,000 – Income Tax Rate Payable: Nine Pies in the Rupee
3. Income Tax Slab: Rs. 5,001 to 7,500 – Income Tax Rate Payable: One Anna and Nine Pies in the Rupee
4. Income Tax Slab: Rs. 7,501 to 10,000 – Income Tax Rate Payable: Two Annas and Three Pies in the Rupee
5. Income Tax Slab: Rs. 10,001 to 15,000 – Income Tax Rate Payable: Three Annas and Three Pies in the Rupee
6. Income Tax Slab: 15,001 and above – Income Tax Rate Payable: Four 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. 4,200;
(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. 4,200;
(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. 4,200, 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: A surcharge of 5% on income tax amount is payable if total income is exceeding Rs. 1,000.
Provided that:
(i) No surcharge shall be payable on a total income which, before deduction of allowance, if any, for earned income, does not exceed Rs. 7,200;
(ii) The surcharge 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. 7,200.
Union Budget of India 1955-1956 – Minister of Finance’s Speech
Ministry of Finance, Government of India – Finance Minister’s Budget Speech for Financial Year 1955-1956
