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Updated: July 3, 2025
The shareholders still continued to receive a fixed dividend out of the Indian revenues, but this may be compared to a fixed debt-charge, an annual payment for capital expended in the past; and it came to an end when the company was abolished in 1858. Apart from this dividend, no sort of tribute was exacted from India by the ruling power.
That portion of the tax that is required for Sinking Fund might be made payable, at the option of the taxpayer, in Government securities at prices giving some advantage to the holder. This form of special debt-charge super-tax would enable the ordinary income tax to be reduced considerably at once.
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