From FY 2023-24, tax rates for the new tax regime are revised. The new Tax Regime was introduced in Union Budget 2020-21. So now there is old tax regime, new tax regime applicable till AY 2023-24 and Revised new Tax Regime applicable from AY 2024-25.Now taxpayer has a choice to Ta...
Most tax exemptions and deductions will be eliminated to streamline tax filing, allowing taxpayers to file returns easily without dealing with numerous exceptions and unique cases. However, the standard deduction for salaried employees in the new tax regime has been raised by 50% to Rs 75,000. D...
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Raise the corporate income tax rate to 28% and limit the Internal Revenue Code1 Section 250 deduction to 25%, thereby raising the effective rate on global intangible low-taxed income (GILTI) to 21% Modify the GILTI regime to align with the global minimum tax rules under Pillar Two of the...
However, the new tax regime brings lower tax rates but eliminates many of the exemptions and deductions available under the old system. Instead, it offers a fixed standard deduction of Rs 50,000 for all taxpayers, along with an increased basic exemption limit of Rs 3 lakh and tax rebates fo...
The Levy is not an allowable deduction for corporate income tax purposes. The Levy applies to profits before tax or production for the 2023, 2024 and 2025 years of assessment. By the due date of the first installment payment, anyone who is subject to the Levy for a year of assessmen...
5 April 2024 Filter Employees Based On Tax Regime We have introduced a new filter in the Approvals module for the proof of investments your employees submit. You can now filter employees based on their tax regime (old or new), facilitating a more efficient management of investment approvals....
The reduction to the Section 250 deduction would apply to tax years beginning after 31 December 2022. Changes to the GILTI regime, international dividend received deductions, and inversion rules The Budget would change numerous aspects of the GILTI regime to el...
Under the Deductions section, you will see a note stating the maximum deduction as per old and new tax regime. Here, Enter Basic deduction as per Section 80C Contribution to NPS/ National Pension Scheme – if any, Medical Insurance premium – if applicable ...
19 January 2024The merger of the current research and development (R&D) tax relief regime for small and medium sized entities (SMEs) and R&D expenditure credit (RDEC) regime for large companies was confirmed in the chancellor’s Autumn Statement 2023. The merged regime takes effect for ...