What are the key components of the newly approved income tax bill by the Cabinet
Explore the major elements included in the latest income tax bill approved by the Cabinet.
- Revised tax slabs: The new income tax bill introduces revised tax slabs with lower rates for different income brackets.
- Exemptions and deductions: Increased exemptions and deductions to reduce the tax burden on individuals and encourage savings.
- Simplification of tax procedures: Measures to simplify tax filing and make the process more taxpayer-friendly.
- Corporate tax reforms: Includes provisions to attract foreign investment and promote economic growth through corporate tax reforms.
- Wealth tax changes: Updates to the wealth tax structure to ensure fair and efficient tax collection.
- Penalty and interest provisions: Amendments to penalty and interest provisions to encourage compliance and discourage tax evasion.
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