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The new income tax law will be easier to understand, free of outdated provisions, and aims to encourage taxpayers to switch to the new regime with significant concessions. Additionally, a new crypto asset reporting provision has been introduced to align with India's international commitments.
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Budget's tax proposals and incentives for GIFT City are expected to attract international investors and fund managers by extending tax concessions until 2030. This will increase demand for real estate and office spaces, driven by an anticipated population influx and enhanced investment opportunities in the financial ecosystem.
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India's average Customs tariff has reduced to 10.66% from 11.65%, aligning with ASEAN countries. This rationalisation aims to improve trade perceptions and support domestic manufacturing. The budget proposed to reduce the number of tariff rates and correct inverted duty structures, though agriculture items were excluded from this exercise.
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News and Media
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