Assocham Advocates for Lower Income Tax Rates Ahead of Budget 2025 - PRESS AI WORLD
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Assocham Advocates for Lower Income Tax Rates Ahead of Budget 2025

share-iconFriday, January 10 comment-icon3 weeks ago 11 views
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indiatimesINDIATIMES
Assocham Advocates for Lower Income Tax Rates Ahead of Budget 2025

Credited from: INDIATIMES

  • Assocham suggests reducing personal income tax rates in the upcoming Union Budget 2025 to enhance tax compliance.
  • The current highest personal tax rate in India is 42.744%, significantly higher than corporate rates at 25.17%.
  • Comparatively, personal income tax rates in nearby countries include 15% in Hong Kong, 18% in Sri Lanka, and 22% in Singapore.
  • Assocham highlights the resulting complexity of the two tax regimes and varying surcharges, complicating the income tax landscape.
  • The Union Budget 2025 will be presented by Finance Minister Nirmala Sitharaman on February 1, 2025.

For the full article, visit Times of India.

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