What Are The Applicable Tax Rates
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The applicable tax rates refer to the percentage of income that an individual or business must pay in taxes, based on their income level. The tax rate will increase as the taxable income increases.
In India, the tax rates are determined by the government and are based on the Income Tax Act, 1961. For the Financial year 2021-2022, the tax rates for individuals are as follows:
In the United States, the tax rates are determined by the federal government, and the tax brackets vary depending on the filing status, such as single, married filing jointly, head of household, etc. For the tax year 2021, the tax rate for individuals are as follows:
It's important to note that these tax rates and brackets are subject to change, as they are determined by the government and may be adjusted based on economic conditions and other factors.
In summary, the applicable tax rates refer to the percentage of income that an individual or business must pay in taxes, based on their income level. The tax rates are determined by the government and may be adjusted based on economic conditions and other factors. In India, the tax rates are based on the Income Tax Act, 1961 and in the United States, the tax rates are determined by the federal government and the tax brackets vary depending on the filing status. These rates and brackets are subject to change over time.
Stay Tuned To Sacnilk For Income-Tax Related Information!
In India, the tax rates are determined by the government and are based on the Income Tax Act, 1961. For the Financial year 2021-2022, the tax rates for individuals are as follows:
- Tax rate of 0% for income up to 2.5 Lakhs
- Tax rate of 5% for income between 2.5 Lakhs to 5 Lakhs
- Tax rate of 20% for income between 5 Lakhs to 10 Lakhs
- Tax rate of 30% for income above 10 Lakhs
In the United States, the tax rates are determined by the federal government, and the tax brackets vary depending on the filing status, such as single, married filing jointly, head of household, etc. For the tax year 2021, the tax rate for individuals are as follows:
- Tax rate of 10% for income up to $9,950
- Tax rate of 12% for income between $9,951 to $40,525
- Tax rate of 22% for income between $40,526 to $86,375
- Tax rate of 24% for income between $86,376 to $164,925
- Tax rate of 32% for income between $164,926 to $209,425
- Tax rate of 35% for income between $209,426 to $523,600
- Tax rate of 37% for income above $523,601
It's important to note that these tax rates and brackets are subject to change, as they are determined by the government and may be adjusted based on economic conditions and other factors.
In summary, the applicable tax rates refer to the percentage of income that an individual or business must pay in taxes, based on their income level. The tax rates are determined by the government and may be adjusted based on economic conditions and other factors. In India, the tax rates are based on the Income Tax Act, 1961 and in the United States, the tax rates are determined by the federal government and the tax brackets vary depending on the filing status. These rates and brackets are subject to change over time.
Stay Tuned To Sacnilk For Income-Tax Related Information!
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