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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.
The New Tax Regime was announced for individuals & HUF in Budget 2020 and became effective from financial year 2020-21. According to it, individuals can opt for reduced tax rates with no option for claiming exemptions & deductions. Currently, Indian taxpayers can choose between the old tax regime and the new tax regime. [12]
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 ...
For the 2023 tax year, the Earned Income Tax Credit (EITC) will increase to $7,430 for qualifying taxpayers who have three or more qualifying children, a $495 gain from $6,935 for the 2022 tax year.
House leadership and top Republican tax writers doubled down on their rejection this week of an international tax provision within an Organization for Economic Cooperation and Development (OECD ...
In the Finance Act, 2020 the Government introduced a new tax regime for individuals giving them the option to opt for the new regime or continue with the old regime. [11] The tax is collected by the Income Tax Department for the central government. Farmers - who constitute 70% of the Indian workforce - are generally excluded from paying income ...
The holiday week opens with another rise in average rates on 30-year and 15-year fixed-term mortgages, trending higher after the Federal Reserve announced a third straight cut to its benchmark ...
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.
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