Concepts in Union Budget..!
·
Union Budget 1957 was the first one to differentiate between
active (Salary, Business) Veres passive Income (rent, Interest, etc).
·
The concept of voluntary disclosure of concealed income was
first introduced in Budget 1964-65.
·
The 1965-66 budgets contained the first disclosure scheme
for black money.
·
Minimum Alternate Tax (MAT) was first introduced by Mr.Rajiv
Gandhi in 1987-88 Budget.
* Services Tax was introduced by Mr. Manmohan
Singh in budget 1994-45 to tap the growing sector in Indian economy.
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