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Extension of Time-Limit to File Income Tax Returns: The deadline to file updated returns has increased from two to four years. [6] New Income Tax Bill: This bill seeks to simplify tax regime and reduce compliance burden. The bill is expected to be introduced the week following the presentation of the 2025 Budget. [7]
Government incentives to the international outsourcing community include 100% equity ownership, 100% repatriation of capital and dividends, and income tax credit for IT export till June 2025. Pakistan has a large talent pool of English-speaking, cost-competitive and skilled workforce, a large number of internationally-certified companies and a ...
The Union Budget is the annual financial report of India; an estimate of income and expenditure of the government on a periodical basis. As per Article 112 of the Indian Constitution, it is a compulsory task of the government. [3] The first budget of India was presented on 18 February 1860 by Scotsman James Wilson. [4]
Another widespread benefit of the TCJA was the reduction in personal income tax brackets, both in terms of rates paid and their income thresholds. Before the TCJA, income tax brackets were 10%, 15 ...
The subcommittee also gave its stamp of approval to a bill that would reduce the state's flat tax income rate from 5.49% to 5.39%, effective with the 2025 tax year.
A Treasury bill is a short-term, government-issued security that earns interest. ... your marginal tax rate is 22% for the 2024 tax year. Interest income from any T-bills will be taxed at that rate.
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 Union Budget of India, also referred to as the Annual Financial Statement in Article 112 of the Constitution of India is the annual budget of the Republic of India set by Ministry of Finance for the following financial year, with the revenues to be gathered by Department of Revenue to identify planned government spending and expected government revenue and the expenditures gathered by ...