British Era and Implementation of Indian Income Tax : By Father of Indian Income Tax

James Wilson, who is also known as father of Indian Income tax along with this he was also a great businessman and economist in 1860’s.

Childhood and back story of him:

Sir James Wilson was born on 3, June, 1805 at Hawick. Hawick is town place, located at Scottish Border Council area and Country is Roxburghshire in Scotland. 

His mother was died while delivering her fifteenth baby. He has four brothers and five sister. As he was fourth surviving boy among 10 siblings. James has special bond with his elder sister Catherine as she look after him as baby after the death of his mother.

Wilson has keen interest in political economy as a student. He was always a visionary for his studies and outdoor activity.

James Wilson and Indian Income Tax Connection:

Under the British Empire he was appointed as first finance minister for nine months. As he was died on 11 August, 1860 in Kolkata, India.

In his first budget, he was implemented many new Income tax collection rules which was opposed by higher class  businessmen and industrialist in 1860’s.

Key Highlights of WILSON BUDGET OF 1860:

1. Suggestion on Deficit of Rupee 8 Million sterling in 1958, 14 Million 1959, however  he estimated projected deficit will be lower by implementing self assessment taxes slightly upward to 10 Million.

2. Introduction of self assessment system in Income Tax.

3. Introduction of Slab rate of  Personal Taxes. Taxes were applicable if Income is above Rupee 200.

4. Agriculture has no taxation which is still implemented in may countries like Indian sub continent like   India and Bangladesh.

5. Ways to mobilize the fund from business people to Heavy Military expenses.

6. Subsidy to real sector and food security to all.

7. He was introduce PAPER Currency. ( Indian scheme of government currency)

8. He Placed budget to member on 7th April, 1860 in Kolkata.

9.Council was approved it on 24th July, 1860. From the year 2010 Government of India decided to celebrate this day as INDIAN INCOME TAX DAY.

He was truly a visionary to Indian economy and Money Market mobilization.

He obtained fund from Queen Victoria in 1853 to set up of  ‘The Chartered Bank of India, Australia, China.’

This bank has initial branches in Kolkata and Bombay which is later on merged into ‘Standard Bank of British South Africa. Parent company known as ” Standard Chartered Bank”

From Income tax to Banking and from Policy Making to Money Mobilization James Wilson has contributing much more way to Indians. Salute to the Father of Indian Income Tax.

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