🇮🇳 How Much Did Indians Pay in Taxes Then vs Now? Let’s Compare! 📊 When India became independent in 1947, the highest personal income tax rate was a staggering 97.75%! Yes, you read that right — almost 98% of income above a certain threshold went to taxes. This was a legacy of colonial-era war-time taxes and early post-independence policies aimed at wealth redistribution. 💰 Then (1950s-1970s) • Highest slab: 97.75% (on incomes above ₹10 lakh in the 1970s — equivalent to crores today!). • Common salaried people paid around 30-50% in income taxes. • Tax evasion was rampant — high rates, low compliance. 📉 Reform Era (1991 onwards) Economic liberalisation in 1991 led to major reforms: • 1991: Highest tax rate cut to 50% • 1997: Slashed further to 30% ⚡ Today (FY 2024-25) • Highest personal income tax rate: 30% (excluding surcharge and cess). • For most salaried individuals, effective tax rates (including rebates, deductions) hover around 10-20%. • Compliance has improved, and digital tools have made filing easier. 🔎 What’s Changed? ✅ From complex, high-tax regimes to a simplified structure ✅ Tax as a tool for economic growth, not just redistribution ✅ More people in the tax net: from just a few lakhs in 1947 to over 8 crore today Isn’t it fascinating how India’s tax system has become more balanced and growth-friendly over the decades? 💬 I’d love to hear: How do you see these changes impacting business and personal finance in India? #TaxationInIndia #Finance #IndianEconomy #IncomeTax #TaxRates #PostIndependenceIndia