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.
 Mint has calculated the annual income of Rs 50 lakh in rupees using the purchasing power of the respective currencies. Accordingly, the highest income tax is collected in britain and australia in the world. The maximum income tax is collected here is 45 percent. In Germany, those earning the same amount of income per year pay 42 percent income tax. In the united states and Canada, those earning the same amount of income per year pay 35 to 40% income tax. At the same time, compared to Asian countries, india has the highest income tax. India's 50 lakh rupees is equivalent to 0.19 million singapore dollars in Singapore. In singapore, 18% of income tax is deducted from this income. In Japan, a 10% tax is collected on the same amount of income. In China, the tax rate is 35 percent. In india, the maximum income tax rate is 30 percent. This tax is deducted only on income above Rs 10 lakh per year. When adjusted for inflation, currently only income above Rs 15 lakh per year should be deducted at 30 percent. It is said that the problem in india is that the government does not change the income tax rates based on inflation. Apart from that, under the old income tax filing system, under Section 80C, a total income tax deduction of up to Rs 1.5 lakh per year is provided for school fees for children and other savings plans.
 
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.
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Sowmiya Sriram

31/01/2025 02:00 PM