Indian Economy

General Studies (MTS)

Title

45:30

8 of 24 completed

5 of 15 completed

38 of 100 completed

8 of 20 completed

Indian Economy - Understanding the basics of Indian economic system

Which tax slab is applied in India if Individual taxpayer’s annual taxable income is more than Rs15 lakh?

This questions was previously asked in

SSC MTS 26th July 2022 Shift-3

40%

20%

10%

30%

- In India, the tax structure follows a slab system where different income ranges are taxed at different rates.

- For an individual taxpayer with an annual taxable income above Rs 15 lakh:

- Option 4, 30%: This is the correct tax slab applied. Income beyond Rs 15 lakh is taxed at 30%.

- Option 1, 40%: This tax rate is not applicable under the current slab system for individual taxpayers in India.

- Option 2, 20%: This rate applies to a lower income bracket within the slab system, not for an income over Rs 15 lakh.

- Option 3, 10%: This rate is applicable for an even lower income bracket, not exceeding Rs 5 lakh.

Your correct selection: Option 4, 30%

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