Government of India had increased the basic personal income tax exemption limit from Rs. 3,000 to Rs. 3,200 for Financial Year 1964-1965 and Assessment Year 1965-1966. The new income tax rates or income tax slabs were effective from April 01, 1964.
Personal Income Tax Rates in India for the Financial Year 1964-1965 and Assessment Year 1965-1966
New Delhi (Delhi, India), August 12, 2018
Indian Government Ups Basic Personal Income Tax Exemption Limit from Rs. 3,000 to Rs. 3,200
The Government of India had increased the basic personal income tax exemption limit from Rs. 3,000 to Rs. 3,200 for the Financial Year 1964-1965 and Assessment Year 1965-1966.
The new income tax rates or Income tax slabs were applicable for the incomes earned or generated from April 01, 1964 to March 31, 1965.
Mr. Tiruvellore Thattai Krishnamachari, 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 Saturday, February 29, 1964 in New Delhi.
Here are the personal income tax slab rates for calculating your income tax for the Financial Year 1964-1965 (Assessment Year 1965-1966).
I. Income Tax Slabs for Married Individuals for the Financial Year 1964-1965 and Assessment Year 1965-1966
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 3,200 – Income Tax Rate Payable: Nil
2. Income Tax Slab: Rs. 3,201 to 5,000 – Income Tax Rate Payable: 6%
3. Income Tax Slab: Rs. 5,001 to 7,500 – Income Tax Rate Payable: 10%
4. Income Tax Slab: Rs. 7,501 to 12,500 – Income Tax Rate Payable: 15%
5. Income Tax Slab: Rs. 12,501 to 20,000 – Income Tax Rate Payable: 20%
B. Where the individual has 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: 6%
3. Income Tax Slab: Rs. 5,001 to 7,500 – Income Tax Rate Payable: 10%
4. Income Tax Slab: Rs. 7,501 to 12,500 – Income Tax Rate Payable: 15%
5. Income Tax Slab: Rs. 12,501 to 20,000 – Income Tax Rate Payable: 20%
C. Where the individual has more than one child wholly or mainly dependent on him
1. Income Tax Slab: Rs. 0 to 4,000 – Income Tax Rate Payable: Nil
2. Income Tax Slab: Rs. 4,001 to 5,000 – Income Tax Rate Payable: 6%
3. Income Tax Slab: Rs. 5,001 to 7,500 – Income Tax Rate Payable: 10%
4. Income Tax Slab: Rs. 7,501 to 12,500 – Income Tax Rate Payable: 15%
5. Income Tax Slab: Rs. 12,501 to 20,000 – Income Tax Rate Payable: 20%
II. Income Tax Slabs for Married Individuals for the Financial Year 1964-1965 and Assessment Year 1965-1966
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: 6%
3. Income Tax Slab: Rs. 5,001 to 7,500 – Income Tax Rate Payable: 10%
4. Income Tax Slab: Rs. 7,501 to 12,500 – Income Tax Rate Payable: 15%
5. Income Tax Slab: Rs. 12,501 to 20,000 – Income Tax Rate Payable: 20%
6. Income Tax Slab: Rs. 20,001 and above – Income Tax Rate Payable: 25%
III. Income Tax Slabs for Unmarried Individuals for the Financial Year 1964-1965 and Assessment Year 1965-1966
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: 6%
3. Income Tax Slab: Rs. 5,001 to 7,500 – Income Tax Rate Payable: 10%
4. Income Tax Slab: Rs. 7,501 to 12,500 – Income Tax Rate Payable: 15%
5. Income Tax Slab: Rs. 12,501 to 20,000 – Income Tax Rate Payable: 20%
6. 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 a surcharge for purpose of the Union, which shall be equal to the aggregate of the sums computed as hereunder:
(a) Where the amount of the income other than earned income, if any, included in the total income exceeds Rs. 10,000, a sum calculated on 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, at the following rate, namely:
(i) Where the amount of the income other than the earned income, if any, included in the total income exceeds Rs. 10,000 but does not exceed Rs. 25,000 = At the rate of 12.50%.
Provided that the amount of surcharge payable under this clause shall in no case exceed one-tenth of the amount by which the income other than the earned income exceeds Rs. 10,000;
(ii) Where the amount of income other than the earned income, if any, included in the total income exceeds Rs. 25,000 but does not exceed Rs. 75,000 = At the rate of 15%.
Provided that the surcharge payable under this clause shall in no case exceed the aggregate of the following sums, namely:
(1) An amount calculated at the rate of twelve and a half per cent on the amount of income-tax on an income of Rs. 25,000, if such income had been the total income.
(2) One-tenth of the amount by which the income other than the earned income exceeds Rs. 25,000;
(iii) Where the amount of the income other than the earned income, if any, included in the total income exceeds Rs. 75,000 = At the rate of 17.50%.
(b) Where the amount of the income included in the total income exceeds Rs. 1,00,000, a sum calculated at ten per cent 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.
Union Budget of India 1964-1965 – Minister of Finance’s Speech
Ministry of Finance, Government of India – Finance Minister’s Budget Speech for Financial Year 1964-1965
