. Family pension: Standard deduction on such pension: ₹15,000 or 1/3rd of pension, whichever is lower. Highest surcharge under the new tax regime has been reduced to 25% from 37% for people earning more than ₹5 crore. This move brings down their tax rate from 42.74% to 39%....
(2012). Tax compliance under tax regime changes. International Tax Public Finance, 20(2), pp.225-246.Heinemann, Friedrich and MartinG. Kocher. 2013. "Tax compliance under tax regime changes." International Tax and Public Finance 20(2):225-246. URL: http://dx.doi.org/10.1007/s10797-012...
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...
This article discusses the interplay of OECD’s guidance on a new tax regime under Pillar 1, impact of COVID-19 on the digitisation roadmap, unilateral measures taken by the Indian Government to amend laws for taxing the digital economy, and the need for businesses in this space to be prep...
Trump’s assault on the global corporate tax regime President threatens retaliation against ‘discriminatory’ levies on US multinationals January 22 2025 Trump threatens to double tax rates for foreign nationals and companies President orders officials to draw up retaliatory measures against ‘extraterritori...
…Under Reynolds’ new plan, top state income tax rate would be eliminated each year over the next four years, until in 2026 every Iowa worker, regardless of income level, pays 4 percent. …The plan would reduce state revenue by $226 million in the first year, and by $1.6 billion at ...
The Edge – My Say: Global Minimum Tax regime may herald an end of tax holidays International Tax Partner, Kelvin Yee,andInternational Tax Assistant Manager, Chew Chen Wahshared on the announcement of the New Investment Incentive Framework (NIIF).“The GMT implementation around the world has prom...
Under the two-tiered profits tax rates regime, the profits tax rate for the first $2 million of assessable profits will be lowered to 8.25% (half of the rate specified in Schedule 8 to the Inland Revenue Ordinance (IRO)) for corporations and 7.5% (half of the standard rate) for unincorp...
It appears that the Administration views the CAMT, which applies to a worldwide group (and thus includes income of foreign affiliates), as a domestic tax that would be partially pushed down to various foreign affiliates for purposes of measuring their effective tax rate under Pillar Two. ...
Trump’s assault on the global corporate tax regime President threatens retaliation against ‘discriminatory’ levies on US multinationals January 22 2025 Chris Giles On fiscal policy Rachel Reeves must show, not tell The chancellor needs to act upon her tough rhetoric if she is to assuage bond ma...