Inventory Of India Personal Tax: The Highest Tax Rate Is 30%.
India
Individual tax comparison
Hommization
In addition to giving certain tax exemption to family members, some necessary expenses for families are exempted.
personal income tax
The personal allowance for medical expenses is 5000 rupees and the medical bills are required. The maximum annual allowance for pportation allowance is 9600 rupees, which is not required to be provided by the employer. The rent allowance is equal to 10% of the personal salary, which means that the higher the income is, the lower the rent allowance is. When the income is high enough, the rent will no longer be included in the tax exemption range.
India has different tax rates for men and women. It also gives certain preferential tax benefits to women and elderly people over 60 years old.
Personal income refers to all income of family members, including wages, stock income, and the income from buying and selling housing income.
Personal income minus tax allowance is taxable income.
For a wage earner, if the salary exceeds the tax allowance, the employer withdraws a tax and returns more or less in the annual tax return.
In addition, India has a tax on high-income earners, and a 7.5% tax on taxes that earn more than 1 million rupees.
In India, more and more taxpayers are filing tax returns online. They only need to fill in family forms, income and allowances on the web form. It is quite convenient to complete tax declaration and calculation automatically on the Internet.
India pays about 10% of the total population.
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