Exemptions

China’s Ministry of Finance has confirmed that tax exemptions for New Energy Vehicles (NEVs) scheduled to expire at the end of this year have been extended through 2027. Consumers in China will now be able to take advantage of EV tax breaks amounting to over $4,000 per vehicle to start, which will dwindle down over the next four years. China has used cumulative tax breaks to encourage EV adoption for over a decade now and has found great success. The country remains one of the fast growing EV…

Income Tax is a direct tax that is levied on any individual’s or entity’s income during a financial year. It is directly paid to the government, like all the other direct taxes. Provisions in the Income Tax Act 1961 also provide for various Exemptions and Deductions under specified sections. Deductions can be claimed against Investments, Allowances, etc., which can reduce the taxable amount of an individual.Income Tax Exemptions of Allowances:1. Exemption on House Rent Allowance (HRA)Expenses incurred by employees on…