Lower effective tax rate of 39% instead of 42.74% in top bracket of new tax regime; here's how marginal relief works
Surcharge on income: Individuals having income(s) above Rs 50 lakh have to pay an additional tax known as 'surcharge'. Budget 2023 made Surcharge rate applicable on the highest income slab to 25% from 37%. Abhishek Soni from Tax2Win says, "This move brought down the effective tax rate from 42.74% to 39%."
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