Tax rates in India are not unreasonably high and there are enough tax breaks. An income of Rs 1.2 crore in the current year is deflated by 3% inflation to Rs 1.16 crore for 2016-17.Those earning over Rs 1 crore pay almost a third of their income in tax. Their tax shot up in 2013-14 when P. Chidambaram put a one-time 10% surcharge which has now become a regular feature.All the figures in lakhsTaxpayers earning over Rs 50 lakh also pay a very high tax. The 10% surcharge on income levied in 2017 has caused the tax liability to shoot up.All the figures in lakhsThose earning Rs 24 lakh a year pay a high tax because more than 50% of their income is taxed at 30%. If the budget hikes the Sec 80C limit, their tax can be zero.

Source: Economic Times January 29, 2018 00:56 UTC