India Lower House Considers 2024 Finance (No. 2) Bill

The Indian lower house of Parliament (Lok Sabha) July 23 accepted for consideration Bill No. 55/2024, the 2024 Finance (No. 2) Bill. The bill includes measures to: 1) set progressive individual income tax rates from zero percent for income up to 300,000 rupees (US$3,583) to 30 percent for income exceeding 1.5 million rupees (US$17,917); 2) increase the standard deduction for salaried employees to 75,000 rupees (US$896) from 50,000 rupees (US$597) and the deduction on family pension income to 25,000 rupees (US$298) from 15,000 rupees (US$179); 3) reduce the corporate tax rate on foreign companies to 35 percent from 40 percent ...