Push for new income-tax regime: Pain points & what's on offer in Budget

Pain points

> India’s taxation rates had been higher than others like the US or Brazil, though lower than other peers. Those at the highest levels of income were subject to a tax rate of 42.7 per cent compared to 37 per cent in the US and 27.5 per cent in Brazil.

> Income levels remain lower than many peer economies. The average South African income is two-thirds higher than that of an Indian. Brazil is around 90 per cent higher. China has nearly 138 per cent higher average income.

What’s on offer

> The highest rate of taxation has been brought down through