new tax regime applicable till AY 2023-24 and Revised new Tax Regime applicable from AY 2024-25.Now taxpayer has a choice to Take Deductions and stick with the old tax slabs and not take deductions and opt for
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...
Changes to the GILTI regime, international dividend received deductions, and inversion rules The Budget would change numerous aspects of the GILTI regime to eliminate perceived incentives to move US operations offshore and to comply with the global minimum tax rules under Pillar Two. These changes in...
The Narendra Modi government introduced a new tax regime in 2020 alongside the traditional old regime to streamline the tax filing process and provide taxpayers with more options. The move offers taxpayers a choice between the conventional system, known for its array of deductions and exemptions, an...
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...
Income tax rates as per tax slabs – FY 2023-24 The Union Budget 2023 revised the new tax regime to be the default regime, effective from April 1, 2023. The old tax regime is, however, still available for taxpayers to use and it retains the benefit of exemptions and deductions. Under ...
The present charity regime in Singapore has a bias towards doing good in Singapore as only donations that exclusively benefit the Singapore community will be allowed as a tax deduction whereas donations to foreign charities will not qualify for a...
The act also increased the benefits received in the event of death for surviving family members, included travel expense deductions for National Guard members, and created a new definition of the tax term "principal residence" so military members could receive a taxable gain exclusion from the ...
The act also increased the benefits received in the event of death for surviving family members, included travel expense deductions for National Guard members, and created a new definition of the tax term "principal residence" so military members could receive a taxable gain exclusion from the ...