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Trending news: There will be no relief from 45 percent tax in Britain, the new government took a U-turn, what is the highest tax slab in India – Hindustan News Hub

Highlights

In Bitrain, the higher income group has to pay 45 percent income tax.
Income tax was only a part of the tax cut plan given by the government.
This part became a matter of debate and its adverse effect was shown in the financial market.

New Delhi. British Prime Minister Liz Truss has decided to withdraw the plan to cut high tax rates on the highest income group. Britain’s Finance Minister Quasi Quarteng informed about this decision by tweeting on Monday. He had announced the elimination of high tax deduction about 10 days ago. After this, many MPs within his party had raised their voice against this decision.

The Finance Minister said on Monday that he would not remove the provision of levying income tax at the rate of 45 per cent on income above 1.5 lakh pounds. “We have heard the voices raised about this,” he said. This is his first major U-turn since Liz Truss became prime minister. These tax cuts were part of a new ‘growth plan’ of the government which was announced by the Finance Minister on 23 September. The plan included separate tax deductions of £45 billion. The high-income tax cut was only £2 billion. But this was the subject of the biggest discussion out of the whole plan.

Also read- Manufacturing activity slows down in September, but in good shape despite fear of slowdown!

did strong defense
Prime Minister Liz Truss was facing widespread opposition, including from her party’s MPs, after this announcement. However, despite this, she was constantly supporting it. He had said that his government would continue to move forward on this plan. He had also said that some land should have been prepared before this decision. After this announcement, there was a significant decline in the UK financial market. Against the dollar, the pound had reached its lowest level at 1.0327. However, on Monday it registered an increase of up to 0.8 percent.

What is the highest tax slab in India?
There is no tax on annual income up to Rs 2.5 lakh in India. There are 7 tax slabs in India under the new tax regime. Rs 2.5-3 lakh and Rs 3-5 lakh are taxed at 5 per cent. In this, you have the facility of tax rebate under section 87A of the Income Tax Act. After this, 5-7.5 lakh is taxed at 10 per cent, 7.5-10 lakh is taxed at 15 per cent, 10-12.50 lakh is 20 per cent, 12.5-15 lakh is taxed at 25 per cent and income above Rs 15 lakh is taxed at 30 per cent. For example, if your annual income is Rs 7.5 lakh, then your tax liability becomes Rs 75000.

Tags: Britain, Business news in hindi, income tax, united kingdom

FIRST PUBLISHED : October 03, 2022, 14:35 IST



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