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The act, which became effective on 1 April 1962, replaced the Indian Income Tax Act, 1922. Current income-tax law is governed by the 1961 act, which has 298 sections and fourteen schedules. [9] The Direct Taxes Code Bill was sponsored in Parliament on 30 August 2010 by the finance minister to replace the Income Tax Act, 1961 and the Wealth Tax ...
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 Right to Education (RTE) Act, implemented in India in 2010, has made several significant contributions to the country's education system. Some of the major achievements include: Increased Enrollment, reduced dropout and closure of gender gaps : Overall school enrollment reached 97.2% by 2018 [ 19 ] Similarly, there has been an increase in ...
Increase of personal income tax exemption limit from ₹ 2.25 lakh to ₹ 2.40 lakh for senior citizens, from ₹ 1.80 lakh to ₹ 1.90 lakh for women tax payers and from ₹ 1.50 lakh to ₹ 1.60 lakh for all other categories of individual taxpayers. Increase of the deduction under section 80-DD to ₹ 1 lakh from ₹ 75,000.
No changes in personal income tax slabs. But tax exemption limit has been increased to ₹ 250,000 (US$2,900) from ₹ 200,000 (US$2,300) for those below the age of 60. Income tax exemption limit for senior citizens has been raised to ₹ 300,000 (US$3,500).
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 earned income tax credit benefits low- to moderate-income people and reduces the amount of taxes you owe. Another tax credit is the American opportunity tax credit, which gives students a ...
Tax exemption is the reduction or removal of a liability to make a compulsory payment that would otherwise be imposed by a ruling power upon persons, property, income, or transactions. Tax-exempt status may provide complete relief from taxes, reduced rates, or tax on only a portion of items.