How did tax evation begin?

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Transcript of How did tax evation begin?

  • How did tax evation begin?
  • BACK TO HISTORY When Income tax was introduced in 1860!! Do you know what was the reaction from people???
  • Eh ? What do you mean?
  • Then the government explained Income tax is your contribution from your personal income as a revenue to our country. But not everyone agreed
  • So the government abolished in 1873 The reaction from the people were quite obvious
  • But how can government generate revenue if there is no income tax??? So it re introduced income tax again in 1886 I AM BACK!!
  • 1950s Exemption limit RS.1500 No of rates 4 Entry rate 4.93% Peak rate 25% Peak rate of income Rs.15000
  • REACTION ??
  • 1960s Exemption limit Rs.3000 No of rates 7 Entry rate 3.15% Peak rate 26.25% Peak rate of income Rs.20000
  • REACTION
  • 1970s Exemption limit Rs.5000 No of rates 11 Entry rate 11% Peak rate 93.5% Peak rate of income Rs.200000
  • Now what do you think will be the reaction?
  • What the *#*$#*%^&!@^?!?!??!
  • Since then why should I pay?
  • SO Lets Evade!!
  • Year X` (Rs) Number of Rates Entry Ra te (%) Peak Ra te (%) Peak rate income (Rs) 1985-86 18000 4 25 50 100000 1990-92 22000 4 20 56 100000 1995-96 40000 3 20 40 120000 1997-98 40000 3 10 30 150000 1998-99 50000 3 10 30 150000 1999-00 50000 3 10 33 150000 2000-01 50000 3 10 35.1 150000 2001-02 50000 3 10 30.6 150000 2002-03 50000 3 10 31.5 150000 2003-04 50000 3 10 30 150000 2004-05 50000 3 10 30 150000 2005-06 100000 3 10 30 250000 2006-07 100000 3 10 30 250000
  • Income Range General (non-senior citizens) Category Women (Below 60 years of age) Senior Citizens (Men and Women above 60 years of age), but below 80 years Very Senior Citizens (Men and Women above 80 years of age) (This category is abolished from this year and is thus is same as that of General Category Upto Rs. 2,00,000 Nil Nil Nil Nil Rs. 2,00,001 to Rs. 2,50,000 10% * 10% * Nil Nil Rs. 2,50,001 to Rs. 5,00,000 10% * 10% * 10% * Nil Rs. 5,00,001 to Rs. 10,00,000 20% 20% 20% 20% Above Rs. 10,00,000 30% ** 30% ** 30% ** 30%** * A tax rebate of Rs 2,000 from tax calculated will be available for people having an annual income upto Rs 5 lakh. However, this benefit of Rs2,000 tax credit will not be available if you cross the income range of Rs 5 lakh. Thus we can say that tax payable in 10% slab will be maximum Rs28,000 (taking into account Rs 2000 tax credit), but for people who fall in income range of Rs5 lakh and above, the tax will be Rs30,000 + 20% tax on income above Rs 5 lakh; The following INCOME TAX RATES ARE applicable for the Financial Year ending March 31, 2014 (Financial Year 2013-14)-Assessment Year 2014-15):
  • PAST TREND IPC Exam Group I Group II Both Group Pass Pass Pass % % % 13-May 19.44% 14.83% 11.73% 12-Nov 24.91% 20.39% 10.56% 12-May 30.51% 27.39% 18.67% 11-Nov 35.64% 30.17% 17.02% 11-May 33.60% 29.36% 19.32%
  • PAST TREND FINAL Exam Pass Percentage Group 1 Group 2 Both Groups May-13 13.79% 13.79% 18.65% Nov-12 12.97 27.3 21.85 May-12 25.32 29.62 16.38 Nov-11 25.54 27.81 15.78 May-11 36.34 26.67 20.51
  • ALL THE BEST