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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.
Every year, the Act lays down in detail all the associated provisions related to Income Tax in the country. Since this applies to a large number of taxpayers, it is considered one of the most important elements. The Finance Act is responsible for laying down the tax slabs that applies to taxpayers. The Act includes various details related to:
Income tax exemption limit for senior citizens raised from ₹ 250,000 (US$2,900) to ₹ 300,000 (US$3,500) Exemption on payment of income tax on interest paid on loans for self occupied houses raised to ₹ 200,000 (US$2,300) from ₹ 150,000 (US$1,800) 10-year tax holiday to be extended to companies that start power generation by March 31, 2017
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).
4 Tax brackets in India. ... Very Senior Citizens above 80 years ... The 2007 tax rates schedule [12] for married filing jointly is:
The capital gains tax rate for long-term assets is 0%, 15%, 20%, 25% or 28%. You only pay capital gains tax if you sell an asset for more than you spent to acquire it.
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80 years above will come under very senior citizen – a new category with tax exemption up to ₹ 500,000; MAT increased to 18.5%; Concessional excise duty of 10% for hybrid vehicles; Customs duty on solar lanterns reduced to 5 per cent; Nominal one per cent central excise duty on 130 items entering the tax net.