Question : Which tax slab is applied in India if an Individual taxpayer’s annual taxable income is more than INR 15 lakh?
Option 1: 20%
Option 2: 30%
Option 3: 10%
Option 4: 40%
Correct Answer: 30%
Solution : The correct answer is 30%.
The Income tax is a direct tax. The new tax regime provides a progressive tax structure where higher income levels are subject to higher tax rates. The highest tax rate for income more than 15 lakh is 30%.
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