You are paying less income tax than your grandfather. Find out how.

economictimes.indiatimes.com/wealth/tax/you-are-paying-less-income-tax-than-your-grandfather-find-out-how-/articleshow/56930200.cms

TNN|

Updated: Feb 02, 2017, 12.26 PM IST

The Current peak rate of income tax is at near historical lows.

You don’t pay any tax on your annual income up to Rs. 2.5 Lakh whereas your grandparents started paying tax at an annual income of just Rs. 80,000 (present value of Rs. 1,500 income exemption limit in 1949-50) which means, tax-free income level has gone up three times.

PEAK RATE OF INCOME TAX IS AT NEAR HISTORICAL LOWS

AS IS ANNUAL TAXABLE INCOME AT WHICH PEAK RATE APPLIES

TAX STRUCTURE TOO HAS BECOME SIMPLER
There are only three tax slabs today unlike up to 11 in the past

AND RATES ARE REASONABLE COMPARED 5 TO OTHER COUNTRIES

All these countries except Pakistan have higher per capita income than India. But many provide better social security like healthcare, unemployment & pension benefits