Per current income tax regulations, the rate for the highest income slab, surpassing Rs 5 crore, is 42.74 percent after surcharge and cess. “This is a lot higher than several Asia-Pacific nations,” said Anshuman Das, CEO and co-founder at HR firm Careernet.
Therefore, he said it is anticipated that the maximum tax rate of 30 percent will be cut to 25 percent, giving people greater purchasing power and offering tax relief. “The highest slab rate (including surcharge and cess) may be lowered as a result from 42.74 percent to 35.62 percent,” he added.
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