
Which Country has the highest income tax slab..!?
There are constant allegations that india has the highest income tax in the world. Income tax is collected in india from a minimum of 5 percent to a maximum of 30 percent. This means that those earning more than Rs 15 lakh per year will have to pay 30 percent income tax. The Mint website has conducted a detailed study and published information on how much income tax is collected in various countries. This calculation is based on the purchasing power of each country's currency, known as purchase price parity. All countries levy income tax as a specific tax on a specific income. In india, income tax is deducted at six rates, namely 0%, 5%, 10%, 15%, 20%, and 30%. According to the news published by Mint, the highest tax of 55 percent is levied in austria and Finland. In india, the maximum income tax rate is 39 percent under the new tax system and 42.7 percent under the old tax system. This includes cess taxes. In the united states, $1 lakh is worth 20 lakh rupees in terms of its purchasing power.
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This has not been changed since 2014. Similarly, a fixed tax deduction of Rs 50,000 is provided. This has not been changed since 2019. The demand is now being made that the government should pay attention to this. Especially, various developed economic countries including the US, Canada, and the netherlands also adjust their income tax rates based on inflation every year. It is said that the government should just bring it.