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Explain what is meant by progressive tax with an example.

Asked by Topperlearning User 5th June 2015, 9:02 AM
Answered by Expert

A tax is said to be progressive when the rate of tax increases with an increase in the taxpayer’s income. Under this system, the tax liability increases not only in absolute terms but the proportion of income tax also increases. In India, the income tax rates are said to be progressive in nature as the tax rate increases from 20% to 30% for an individual earning more than Rs. 8 lakhs per year. 

Answered by Expert 5th June 2015, 11:02 AM
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