Tax rates on higher income group have been increased. Which economic v

1.	Tax rates on higher income group have been increased. Which economic value does it reflect ? Explain.
Answer» (i) Reducing inequality – Government has progressive system of direct taxes in which tax rates increases as the income increases. This reduces inequality of income. It brings equality among people of the country. (ii) Helps in establishing- Socialistic Pattern of society in the country as it is the main objective described in the constitution of India.

Tax rates on higher income group have been increased. Which economic value does it reflect ? Explain.

Answer»

(i) Reducing inequality – Government has progressive system of direct taxes in which tax rates increases as the income increases. This reduces inequality of income. It brings equality among people of the country.

(ii) Helps in establishing- Socialistic Pattern of society in the country as it is the main objective described in the constitution of India.

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Tax rates on higher income group have been increased. Which economic value does it reflect ? Explain.

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