Government of India had increased the basic personal income tax exemption limit from Rs. 5,000 to Rs. 5,000 for Financial Year 1970-1971 and Assessment Year 1971-1972. The new income tax rates or income tax slabs were effective from April 01, 1970.
Personal Income Tax Rates in India for the Financial Year 1970-1971 and Assessment Year 1971-1972
New Delhi (Delhi, India), August 12, 2018
Indian Government Ups Basic Personal Income Tax Exemption Limit from Rs. 5,000 to Rs. 5,000
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 1970-1971 and Assessment Year 1971-1972.
The new income tax rates or Income tax slabs were applicable for the incomes earned or generated from April 01, 1970 to March 31, 1971.
Mrs. Indira Gandhi, the Prime Minister and 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 28, 1970 in New Delhi.
Here are the personal income tax slab rates for calculating your income tax for the Financial Year 1970-1971 (Assessment Year 1971-1972).
Income Tax Slabs for Individuals for the Financial Year 1970-1971 and Assessment Year 1971-1972
1. Income Tax Slab: Rs. 0 to 5,000 – Income Tax Rate Payable: Nil
2. Income Tax Slab: Rs. 5,001 to 10,000 – Income Tax Rate Payable: 10%
3. Income Tax Slab: Rs. 10,001 to 15,000 – Income Tax Rate Payable: 17%
4. Income Tax Slab: Rs. 15,001 to 20,000 – Income Tax Rate Payable: 23%
5. Income Tax Slab: Rs. 20,001 to 25,000 – Income Tax Rate Payable: 30%
6. Income Tax Slab: Rs. 25,001 to 30,000 – Income Tax Rate Payable: 40%
7. Income Tax Slab: Rs. 30,001 to 40,000 – Income Tax Rate Payable: 50%
8. Income Tax Slab: Rs. 40,001 to 60,000 – Income Tax Rate Payable: 60%
9. Income Tax Slab: Rs. 60,001 to 80,000 – Income Tax Rate Payable: 70%
10. Income Tax Slab: Rs. 80,001 to 100,000 – Income Tax Rate Payable: 75%
11. Income Tax Slab: Rs. 100,001 to 200,000 – Income Tax Rate Payable: 80%
12. Income Tax Slab: Rs. 200,001 and above – Income Tax Rate Payable: 85%
Applicable Surcharge:
Surcharge: A surcharge of 10% on income tax amount is payable if total income is exceeding Rs. 5,000.
Union Budget of India 1970-1971 – Minister of Finance’s Speech
Ministry of Finance, Government of India – Finance Minister’s Budget Speech for Financial Year 1970-1971
