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

As per the Union Budget, 2020-21, a resident Indian Individual with an annual taxable income above ?15 lakh will pay tax at the

rate of ______%.

This questions was previously asked in

SSC MTS 8th October 2021 Shift-2

- In the Union Budget for 2020-21, the income tax rates for individuals were structured based on slabs.

- For annual taxable income above ?15 lakh, the tax rate was set at 30%.

- Option 1, 10% is incorrect, as this rate applies to much lower income brackets.

- Option 2, 20% is incorrect, as it pertains to a different income slab, specifically ?12.5 lakh to ?15 lakh.

- Option 3, 5% is incorrect, as it applies to income between ?2.5 lakh and ?5 lakh.

The correct answer is:

- Option 4: 30%