Essays and Miscellaneous Writings, Ed. by Mary, Lady Hobart
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Essays and Miscellaneous Writings, Ed. by Mary, Lady Hobart

Essays and Miscellaneous Writings, Ed. by Mary, Lady Hobart


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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated.1885 Excerpt: ... THE INCOME TAX. This was one of "the three tremendous taxes"--as they were described by Sir Charles Trevelyan at the time--suggested by Mr. Wilson, who went out to Calcutta as the first financial member of the Governor-General's Council, at the close of the Sepoy Mutiny of 1857-8. Fortunately for the peace of British India, his Tobacco Tax and License Tax were not imposed; but his Income Tax--unaccompanied by reductions in expenditure then declared, and afterwards found, to be practicable--was levied on every description of income and property, without exception. It commenced at 4 d. in the pound on incomes between 20 and 50, and at 9 d. in the pound on all larger incomes. The first year's return was 2,000,000. The following year, 1862, its pressure was abated, and the tax on incomes below 50 abandoned; again in 1863 the rate on other incomes was reduced from 4 to 3 per cent. In 1865 the tax expired, and Sir Charles Trevelyan, then financial member of Sir John Lawrence's Council, did not renew it, laying it on the shelf " complete in all its gear." Four years afterwards, at the milder rate of 1 per cent, it was again imposed, commencing on incomes of 50; this was raised, first to 1 Per cent., then to 3 J per cent. Finally, when the tax was abandoned in 1873, the rate stood at a fraction over 1 per cent., the assessable minimum at 100, and the return at 600,000. It has not again been renewed. In 1877, when it was determined to form a Famine Relief Fund, Sir John Strachey--who declares himself to be one of those who have always regretted the loss of the Income Tax, and have always believed that it might with great advantage have been maintained as one of the permanent sources of Indian revenue--finding...


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Product Details
  • ISBN-13: 9781150215049
  • Publisher: General Books
  • Publisher Imprint: General Books
  • Height: 246 mm
  • No of Pages: 138
  • Spine Width: 8 mm
  • Width: 189 mm
  • ISBN-10: 1150215046
  • Publisher Date: 01 Feb 2012
  • Binding: Paperback
  • Language: English
  • Returnable: N
  • Weight: 259 gr


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