History
Income tax levels in India were very high during 1950-1980, in 1970-71 there were 11 tax slabs with highest tax rate being 93.5% including surcharges. In 1973-74 highest rate was 97.75%. But to reduce tax evasion tax rates were reduced later on, by "1992-93" maximum tax rates were reduced to 40%.
Read more about this topic: Income Tax In India
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“History is the present. That’s why every generation writes it anew. But what most people think of as history is its end product, myth.”
—E.L. (Edgar Lawrence)
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—Georg Wilhelm Friedrich Hegel (1770–1831)
“Properly speaking, history is nothing but the crimes and misfortunes of the human race.”
—Pierre Bayle (1647–1706)