Currently, there is a maximum income tax rate of 39 percent.
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The government has increased the lower limit of personal income tax from Rs 5 lakh to Rs 1 million. Finance Minister Swarnim Wagle has announced that the government has increased the tax-free limit of Rs 5 lakh to Rs 1 million through the budget for the upcoming fiscal year.
Similarly, the maximum rate of income tax has been reduced by 10 percentage points, Finance Minister Wagle said. Currently, there is a provision to levy income tax up to a maximum of 39 percent.
