Page:Indian Journal of Economics Volume 2.djvu/339

INDIA N INCOME T?X 8?5 The English corem.unity in Calcutta and elsewhere began to rail against as be say but they principles" ' ? ?.?.? for a more equitable that they would like and went so far taxed,, its provisions did not object to being the taxes to be 'on " proper be taxed as the people 'in England In short they made a plea form of income tax. ? From the fiscal point of view, the one which alone concerns us here, the license tax was a less than half of what the failure. It income tax produced produced in was nearly three times as towards chang?e and reform. (5) its expiring year, although the number of assessees large. ? All this pointed so. called Certijieate tax.--In the follow- that is in 1868, the license tax was and was substituted by what has been ing year, repealed termed the Certificate T?x, which was much broader and wider in its classification and extent, but was liable to the the Oovern- as contrasted to the Rs. 500. to last only for one tax had to take out a ment. It was divided with the six of the annual profits, the year. Everyone certificate from into ten-classes, license tax, according taxable minimum being The tax was a lump sum ?ax and began with Rs. 8 on Rs. 500 going up by a gradual scale to Rs. 6,400 the year. license before. tax, but same The act Thus the on Rs. 4,000,000 and upwards. The exemptions were in fact as in the license tax rates were two-fifths' precisely of the preoeding lower than in the and the minimum was also higher than it resembled more closely an income inequalities, as between classes, were not eradicated. Fiscally it ?as more disappointing than the preceding tax. It produced less than two-thirds of the license tax, ? the reduction being mainly due be the raising of t Fawcett Committee, Vol. III. 1875, Lord Lawrenoe's testimony, p. 8S8 et ?q. s /b?.. Appendix I. 8 appendlz I.