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The list focuses on the main types of taxes: corporate tax, individual income tax, and sales tax, including VAT and GST and capital gains tax, but does not list wealth tax or inheritance tax. Personal income tax includes all applicable taxes, including all unvested social security contributions.
Income tax returns are due in India generally on 31 July, 30 September or 30 November, depending on the category of taxpayer. Everyone who earns or gets an income in India is subject to income tax. Income is divided into five categories: Income from Salary, Income from Other Sources, Income from House Property, Income from Capital Gains, and ...
The capital gains tax structure has also undergone changes: Short-Term Capital Gains (STCG): The tax rate on short-term capital gains from shares, mutual funds, and real estate has been increased from 15% to 20%. [9] Long-Term Capital Gains (LTCG): The tax rate on long-term capital gains has been set at 12.5%. Additionally, the exemption limit ...
2022 Long-Term Capital Gains Rates Capital Gains Tax Rate Taxable Income (Single) Taxable Income (Married filing Separately) Taxable Income (Head of Household) Taxable Income (Married Filing ...
Based on filing status and taxable income, long-term capital gains for tax years 2021 and 2022 will be taxed at 0%, 15% and 20%. Short-term gains are taxed as ordinary income. Capital Gains Tax ...
Most long-term capital gains will see a tax rate of no more than 15%, though certain assets (like coins and art) can be taxed at a rate up to 28%. Depending on your income, you may even qualify ...
Individuals paid capital gains tax at their highest marginal rate of income tax (0%, 10%, 20% or 40% in the tax year 2007/8) but from 6 April 1998 were able to claim a taper relief which reduced the amount of a gain that is subject to capital gains tax (thus reducing the effective rate of tax) depending on whether the asset is a "business asset ...
The capital gains tax rate brackets for tax year 2023 remain the same as 2022, but the IRS updated the income ranges for each bracket. Still, the long-term capital gains tax does not exceed 15% ...