NEW DELHI: Budget 2018 is across the nook and undoubtedly you're hoping that finance minister Arun Jaitley will cut back income tax charges. At provide, India has a minimal tax price of 10 consistent with cent and maximum 35.five consistent with cent. According to reports, the finance ministry is considering a hike in non-public tax exemption limit and plans to tweak tax slabs. But if high tax charges hassle you these info will have to make you are feeling better.
India's income tax charges are affordable when compared to other countries
One, our present tax charges are a long way better than height charges of 93.five consistent with cent that Indians paid in 1970-71-- the absolute best ever.
Two, in other advanced nations tax charges are higher. In the USA, the maximum tax price is 39.6 consistent with cent, the same is going for UK and China where the peak price stands at 45 consistent with cent. Even in South Africa, one has to pay a minimal price of 18 consistent with cent--way higher than what the present minimal price in India.
Three, as an Indian, you also have the advantage of fewer tax slabs. In 1970-71, India had 11 tax slabs that have regularly been decreased to a few. The US and China have seven tax slabs each while our neighbour Pakistan has 11 tax slabs for its citizens.
India's income tax charges are affordable when compared to other countries
One, our present tax charges are a long way better than height charges of 93.five consistent with cent that Indians paid in 1970-71-- the absolute best ever.
Two, in other advanced nations tax charges are higher. In the USA, the maximum tax price is 39.6 consistent with cent, the same is going for UK and China where the peak price stands at 45 consistent with cent. Even in South Africa, one has to pay a minimal price of 18 consistent with cent--way higher than what the present minimal price in India.
Three, as an Indian, you also have the advantage of fewer tax slabs. In 1970-71, India had 11 tax slabs that have regularly been decreased to a few. The US and China have seven tax slabs each while our neighbour Pakistan has 11 tax slabs for its citizens.
TOI Budget Special: Do Indians pay more taxes?
![TOI Budget Special: Do Indians pay more taxes?]()
Reviewed by Kailash
on
January 13, 2018
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