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Quick Overview on G20 - 2023 India

  The 2023 G20 summit was held in New Delhi, India, on September 9-10, 2023. The main venue was the Pragati Maidan, a large exhibition complex in central Delhi. The summit was also held at other venues in New Delhi, including the Hyderabad House, the Prime Minister's residence, and the India International Centre. The 2023 G20 summit was attended by the leaders of the 20 member countries of the G20, as well as the leaders of several invited countries, including Argentina, Indonesia, Senegal, South Africa, and Turkey. The summit was also attended by the heads of international organizations, such as the United Nations, the World Bank, and the International Monetary Fund. The G20 Delhi Declaration was the outcome document of the 2023 G20 summit. It was a 38-paragraph document that covered a wide range of issues, including: The global economy and finance: The declaration called for continued efforts to strengthen the global economy and financial system. It also emphasized the importance
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Recent Updates in Indian Taxation

 

recent updates in Indian taxation:

  • Introduction of two income tax regimes: The Finance Act, 2023 introduced two income tax regimes, the new tax regime and the old tax regime. The new tax regime has a simplified structure with five tax slabs, while the old tax regime has seven tax slabs. The taxpayer can choose the regime that gives them the most benefit.
  • Increase in basic exemption limit: The basic exemption limit under the new tax regime has been increased from ₹2.5 lakh to ₹3 lakh. This means that taxpayers earning up to ₹3 lakh will not have to pay any income tax.
  • Reduction in surcharge and cess: The surcharge and cess for taxpayers in the highest tax bracket have been reduced from 37% to 25%. This means that taxpayers earning more than ₹5 crore will now pay a tax of 39% instead of 42.74%.
  • Introduction of tax deduction for leave encashment: A tax deduction of ₹25 lakh has been introduced for leave encashment for non-government employees. This means that taxpayers can now deduct up to ₹25 lakh from their taxable income for leave encashment.
  • Reduction in TDS rate on EPF withdrawal: The TDS rate on withdrawal of EPF has been reduced from 30% to 20%. This means that taxpayers will now have to pay TDS of 20% instead of 30% on the amount they withdraw from their EPF account.
  • Introduction of tax on digital assets: A new tax of 30% has been introduced on income from transfer of digital assets such as cryptocurrencies. This tax will come into effect from April 1, 2023.

These are just some of the recent updates in Indian taxation. For more information, you can visit the website of the Income Tax Department of India.

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