India

India offers two income tax regimes: the Old Regime with deductions and the New Regime (default from FY 2023-24) with lower rates but fewer deductions. The New Regime has seven brackets from 0% (up to INR 400,000) to 30% (above INR 2,400,000), with a standard deduction of INR 75,000. A surcharge of 10-37% applies on higher incomes, and a 4% health and education cess on total tax. The Old Regime taxes income above INR 250,000 at 5%, 20%, and 30%, but allows deductions under Section 80C (up to INR 150,000 for investments), HRA exemption, Section 80D (health insurance), and numerous other provisions. Many salaried workers benefit from the Old Regime due to these deductions. Employee Provident Fund (EPF) contributions are 12% of basic salary for both employee and employer (with employer's 8.33% going to pension fund and 3.67% to provident fund). Employee State Insurance (ESI) applies to lower-income employees at 0.75% (employee) and 3.25% (employer). Professional tax is levied by state governments, typically INR 200-300 per month. Capital gains on equity are taxed at 15% (short-term) and 10% (long-term, above INR 100,000). GST is 5%, 12%, 18%, or 28% depending on goods/services. The corporate tax rate is 25.17% (22% + surcharge + cess) under the new regime.