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FY2021-22 was an uneventful year for the New Tax Regime as no new changes were announced except the relaxation of Income Tax filing for senior citizens over 75 years. [26] The government's tax policy for the near future was clearly outlined which indicated that all tax breaks will be gradually eliminated while maintaining a low tax rate.
Stay updated on the news about taxes, deadlines, deductions, laws, the IRS, and all things related to your income taxes.
Union Government sets up Arbind Modi-led panel to overhaul, simplify income tax laws. On 22 November 2017, the government formed a task force to draft a new direct tax law to replace the existing Income Tax Act, which has been in force since 1961. Arbind Modi, Member, Central Board of Direct Taxes (CBDT), will lead a six-member panel.
The tax rate is 25 percent for domestic companies. For new companies incorporated after 1 October 2019 and beginning production before 31 March 2023, the tax rate is 15 percent. Both rates apply only if a company claims no exemptions or concessions. For foreign companies, the tax rate is 40 percent (50 percent on royalties and technical services).
The Inflation Reduction Act signed into law in August of last year provided a few new tax breaks that filers could take advantage of in the 2022 tax year. Increased credit for solar energy products
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 ...
The cap on the deduction that taxpayers in high-tax states are able to take against their federal returns was set at $10,000 in the 2017 law and has been a concern for Republicans in high-tax ...
The goal of this law is to bring back the income and assets held abroad back to the country. As a result, only an Indian resident gets the opportunity to declare undisclosed assets. [ 3 ] However, an amendment was made in 2019 in the Act retrospectively, to cover even persons who are non-residents but were resident when the asset was acquired ...