Flat Tax
Regressive Tax
Progressive Tax
Proportional Tax
Answer is Right!
Answer is Wrong!
The correct
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answer is C) Progressive Tax.
A progressive tax is a tax system in which the tax rate increases as the taxable income increases. This means that people who earn more money pay a higher percentage of their income in taxes than people who earn less money.
India has a progressive tax system. The income tax rates in India range from 5% to 30%. The highest tax rate is applied to people who earn the most money.
A flat tax is a tax system in which everyone pays the same percentage of their income in taxes, regardless of how much they earn. A regressive tax is a tax system in which the tax rate decreases as the taxable income increases. This means that people who earn more money pay a lower percentage of their income in taxes than people who earn less money. A proportional tax is a tax system in which the tax rate is the same for everyone, regardless of their income.
Here is a table showing the income tax rates in India for the financial year 2022-2023:
Income (in Indian rupees) | Tax rate
——- | ——–
Up to 2.5 lakh | 5%
2.5 lakh to 5 lakh | 10%
5 lakh to 10 lakh | 15%
10 lakh to 15 lakh | 20%
15 lakh to 20 lakh | 25%
20 lakh and above | 30%
As you can see, the tax rate increases as the income increases. This is an example of a progressive tax system.