New Delhi, Jan. 28 -- India's seemingly high income tax rates are softer than that of several advanced economies, allowing for a better quality of life across income groups, data show.

Indian taxpayers, particularly those in the highest 30% tax bracket, have been crying hoarse that the country's tax rates are among the highest in the world. However, that may not be true if one were to compare tax rates as per income slabs adjusted for purchase price parity, or PPP.

Austria and Finland levythe world's highestmarginal income tax rate at 55%. In India, the highest marginal rate for taxpayers in the highest income slab is 39% under the new tax regime and 42.7% in the old regime.

These rates include surcharge and 4% education and health ces...