Corporate tax reduced on foreign companies – The standard deduction for salaried employees opting for the new tax regime has been increased from Rs 50,000 to Rs 75,000. The monetary limit for filing tax appeals has been raised to Rs 60 lakh for ITAT, Rs 2 crore for High Courts and Rs 5 crore for the Supreme Court. Angel tax has been abolished for all categories of investors. The corporate tax rate on foreign companies has been reduced from 40 percent to 35.
