An income tax is a charge levied against people or organisations based on their income or earnings. In general, income tax is calculated as the product of a tax rate and taxable income. If we're talking about the marginal tax rate, it's the tax rate that applies to each tax bracket of a taxpayer's income or other taxable income for which they are eligible. It is the portion of a taxpayer's taxable income that is deducted from each rupee earned after reaching a certain income threshold.
Now its your turn. Tell me the year and the highest marginal income tax rate ever experienced in India.
