RENEWCONNECT - All about renewables & power sector

 The Indian Union Budget for 2024 introduced several significant tax changes aimed at simplifying and enhancing benefits within the new tax regime. Here are the main highlights: Increased Standard Deduction : The standard deduction in the new regime has been increased from Rs 50,000 to Rs 75,000, allowing salaried taxpayers to save more on taxable income. This change benefits employees across all income levels, with additional savings of up to Rs 17,500 annually for those in the highest tax bracket​ EY USA ​ India Today . Revised Tax Slabs : The government has adjusted tax rates and expanded income brackets, maintaining a 5% tax rate for income between Rs 3-7 lakh, 10% for Rs 7-10 lakh, 15% for Rs 10-12 lakh, 20% for Rs 12-15 lakh, and 30% for income above Rs 15 lakh. These changes aim to reduce tax burdens incrementally across income ranges​ India Today . Increased Family Pension Deduction : The deduction limit on family pensions has been raised from Rs 15,000 to Rs 25,000, benefi...

 The tax structures in leading economies feature a mix of taxes on income, goods, property, and business activities. Here's a breakdown of the primary tax types across the top ten global economies: United States : Federal Taxes : Income tax (personal and corporate), payroll taxes, and capital gains tax. State and Local Taxes : Sales tax, property tax, and additional income taxes in some states. Special : Federal excise taxes on goods like fuel, alcohol, and tobacco. China : National Taxes : Corporate income tax, individual income tax, VAT, and consumption tax on specific goods. Local Taxes : Include property taxes and various levies on land use and development. Unique Feature : "Environmental Protection Tax" aimed at pollution reduction. Japan : National Taxes : Income tax, corporate tax, and a consumption tax similar to VAT. Local Taxes : Municipal income and property taxes. Special : Gift and inheritance taxes are significant, with progressive rates to reduce wealth ine...