The Indian taxpayer is indeed fortunate to be in an enviable tax system today. It is difficult to believe that some 50 years ago, he was required to live with a system of direct taxes, where the maximum rate of Income-tax was 97.5%, Wealth-tax 5%, Estate Duty 85% and Gift-tax 75%. That was the time, when the eminent Jurist Nani Palkhiwala used to describe India as the ‘highest taxed nation in the world.’
Over the years, we have seen the total abolition of Estate Duty, Gift-tax and Wealth-tax. Current Indian Income-tax rates, both for personal and corporate taxation […]
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