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The capital gains tax structure has also undergone changes: Short-Term Capital Gains (STCG): The tax rate on short-term capital gains from shares, mutual funds, and real estate has been increased from 15% to 20%. [9] Long-Term Capital Gains (LTCG): The tax rate on long-term capital gains has been set at 12.5%. Additionally, the exemption limit ...
The New Tax Regime is a scheme of Income tax in India first proposed in Union Budget 2020–21. [1] Subsequent Budget of FY2021-22 did not see any major announcements in this regime. [ 2 ] During the Budget 2022–23, reports emerged that New Tax Regime was getting poor response [ 3 ] and Government is considering to make it more attractive ...
The income tax (IT) slabs have been revised under the new income tax regime. As per announcement in the budget speech by Finance Minister Nirmala Sitaraman, people with income upto Rs 12 lakh will be exempted from tax. There is a standard deduction of Rs 75,000, thus people with income upto Rs 12,75,000 will be exempted from income tax. [11]
State income tax systems fall into three broad categories: fixed or flat income taxes, progressive income taxes and no income taxes. ... No State Income Tax. New Jersey. 1.4% to 10.75%. New Mexico ...
Currently, Indian taxpayers can choose between the old tax regime and the new tax regime. [12] At the time of introduction, it had 7 different slabs. After three years from introduction, Indian Government reduced both the slab count & tax rates under New Tax Regime in Budget 2023, after reports of poor adoption to new tax regime by tax payers [13]
Download as PDF; Printable version; ... 45% income tax + 39,2% social security contributions up to €90,600 ... Under the new policy it is 36% with out a tax free ...