| Country | New development | Further reading |
| India | On 23 July 2024, India's Minister of Finance presented to Parliament the Finance (No 2) Bill 2024. The drafted measures include, inter alia, the following amendments:
– the following progressive personal income tax rates would be applicable under the New Tax Regime:
Income bracket: less than INR 300,000: tax rate 0%
Income bracket: between INR 300,001–INR 700,000: tax rate: 5%
Income bracket: INR 700,001–INR 1,000,000: tax rate: 10%
Income bracket: INR 1,000,001–INR 1,200,000: tax rate: 15%
Income bracket: INR 1,200,001–1,500,000: tax rate: 20%
Income bracket: Over INR 1,500,000: tax rate: 0%
– the current standard deduction of INR 50,000 granted to salaried employees is increased to INR 75,000. Such increase would be granted only to salaried employees who opt for the New Tax Regime
– the amount of employer contribution allowed as deduction is increased from the extent of 10% to the extent of 14% of the salary of the employee in the previous year
– with respect to salaried employees, it is proposed to ease claiming credit for Tax Collection at Source (TCS)/Tax Deduction at Source (TDS) | India 2.1.2 |
| Kenya | On |
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