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
Famous quotes containing the word history:
“The history of the world is none other than the progress of the consciousness of freedom.”
—Georg Wilhelm Friedrich Hegel (1770–1831)
“They are a sort of post-house,where the Fates
Change horses, making history change its tune,
Then spur away o’er empires and o’er states,
Leaving at last not much besides chronology,
Excepting the post-obits of theology.”
—George Gordon Noel Byron (1788–1824)
“Philosophy of science without history of science is empty; history of science without philosophy of science is blind.”
—Imre Lakatos (1922–1974)