Hi KC, Yes, that is interesting. I have a feeling that Aiyar is correct - his column seems to highlight it.
The more interesting point, however, seems to be that with all these numbers floating around (25%, 97% etc), the tax-rates were not that important as the the Govt. does not have a good collection mechanism. Basically, tax rates don't seem to matter as the tax payers know the Govt. is not serious and then there are many ways not to pay. I have heard in the past, that Govt. collects at 22% rate (that may have gone up now), but it is still dismal. --Ram da On 4/14/08, Krishnendu Chakraborty <[EMAIL PROTECTED]> wrote: > > Ram-da, > > It is interesting --- the same TOI says that the > highest tax rate was 25% upto 1970-71 ! > > > http://timesofindia.indiatimes.com/Business/Income_tax_rates_today_are_the_lowest_ever/rssarticleshow/2835163.cms > > > > > >Its tax-time here, and thought this column from the > TOI might shed some > >light on how people in India fare. Highlights are > mine. > > >I just can't believe that the highest tax rate in > >the 70's was 97.75%. And > >then this "*then the maximum he could earn after > taxes, no matter how great > >his assets, was just Rs 25,000 a year!" * > ** > >If that was true, that I am sure was one major cause > for the growth and > >development of an underground economy & black money. > One can't render > >everything to Caesar! > ** > >Well, thank heavens the rate today is 34% percent. > > >--Ram > > > > > ____________________________________________________________________________________ > Be a better friend, newshound, and > know-it-all with Yahoo! Mobile. Try it now. > http://mobile.yahoo.com/;_ylt=Ahu06i62sR8HDtDypao8Wcj9tAcJ > > _______________________________________________ > assam mailing list > [email protected] > http://assamnet.org/mailman/listinfo/assam_assamnet.org > _______________________________________________ assam mailing list [email protected] http://assamnet.org/mailman/listinfo/assam_assamnet.org
