There are high-tax countries and then there are low or zero-tax countries and; depending on where you choose to stay in whichever country half of your income could be taxable income. Every individual have to pay half your income to the government or none at all. However, not all taxation is the same.
In today’s globalized and connected world, only two things in life are certain and that are death and taxes. Taxes can be a financial burden to some, but paying taxes is important for all the important reasons. Taxes are used to fund all manner of publicly-funded services including public education, the military, infrastructure such as police and fire departments, roads and parks, public retirement and health programs such as Social Security and Medicare.
Taxes come in many forms, including income tax, property tax, sales tax, inheritance and estate taxes, excise tax, and more. Plus, tax rates and regulations vary from country to country, and even within different parts of the same country.
From Israel to Belgium, these are the countries with the highest income tax rates:
1. Ivory Coast – 60%
2. Finland – 56.95%
3. Japan – 55.97%
4. Denmark – 56%
5. Austria – 55%
6. Sweden – 52.3%
7. Aruba – 52%
8. Belgium – 50%
9. Israel – 50%
10. Slovenia – 45%
How Much Income Tax Is Levied In India?
As far as our country India is concerned, here is what the current income tax rates are:
Old Tax Regime
Tax slabs under the old regime are as follows:
Individuals aged below 60 years
Upto Rs 2.5 lakh NIL
Rs 2.5-5 lakh-5% (rebate under section 87A)
Rs 5 lakh- Rs 10 lakh-20%
Above Rs 10 lakh-30%
Individuals above 60 to 80 years
Upto Rs 3 lakh NIL
Rs 3-5 lakh 5%
Rs 5-10 lakh 20%
Above Rs 10 lakh-30%
Individuals above 80 years of age
Upto Rs 5 lakh NIL
Rs 5-10 lakh 20%
Above Rs 10 lakh 30%
New Tax Regime
Existing tax slabs under the new tax regime are as follows:
Upto Rs 2.5 lakh-NIL
Rs 2.5 lakh- Rs 5 lakh- 5%
Rs 5 lakh- Rs 7.5 lakh-10%
Rs 7.5 lakh- Rs 10 lakh-15%
Rs 10 lakh- Rs 12.5 lakh-20%
Rs 12.5 lakh- Rs 15 lakh-25%
Above Rs 15 lakh-30%
