Top 5 Most Exported Products From India
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1.
New Tax Bill
: Replaces the 1961 Act, simplifying tax laws.
2.
Unified Tax Year
: Proposed shift from April-March to a new standard tax year.
3.
Revised Slabs
: No tax up to ₹12L; new rates: 5%-30%, higher ₹75K deduction.
4.
87A Rebate Hike
: Raised to ₹60K, making income up to ₹12.75L tax-free.
5.
Crypto Taxation
: Cryptocurrency gains now taxable as capital assets.
Crypto
6.
Expanded Tax Powers
: Authorities can access digital records for investigations.
7.
Higher TDS/TCS Limits
: ₹1L for senior citizen interest, ₹6L for rental income.
8.
Tax-Free NSS Withdrawals
: Exemption for withdrawals after August 29, 2024.
NO
9.
Longer Return Deadline
: Four years instead of two for updated returns.
10.
Simplified Capital Gains Tax
: Easier language, no structural changes.
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