ENTREPRENEURSHIP AND THE GLOBAL ECONOMY
GLOBALIZATION AND ENTREPRENEURSHIP
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Revenue
|
|
|
Tax breaks
|
|
|
Support systems
|
|
|
Regulations
|
Detailed explanation-1: -The federal income tax rates remain unchanged for the 2022 and 2023 tax years are 10%, 12%, 22%, 24%, 32%, 35% and 37%. The income thresholds for each bracket, though, are adjusted slightly every year for inflation.
Detailed explanation-2: -The state and local tax (SALT) deduction allows taxpayers of high-tax states to deduct local tax payments on their federal tax returns.
Detailed explanation-3: -For FY 2022-23, the limit of the standard deduction is Rs 50, 000 in old regime. As per Budget 2023, Salaried taxpayers are now eligible for standard deduction of Rs. 50, 000/-under new tax regime also from Financial Year 2023-24.
Detailed explanation-4: -Rent, Rates, Taxes, Repairs And Insurance For Building [Section 30] Repairs and insurance of machinery, plant and furniture [Section 31] Depreciation [Section 32] More items