Important Changes Happening on April 1st
Several countries are set to implement new changes on April 1st. Here’s a detailed overview of the upcoming changes:
India Tax Reform
- Introduction of a new income tax law as the default tax regime
- Taxpayers can still choose from the prior regime
- Tax rebate limit increased to ₹7 lakh
- Changes in taxation of investments in debt mutual funds
- No capital gain tax on conversion of physical gold to Electronic Gold Receipt (EGR)
- Increased maximum deposit limits for senior citizen savings schemes and monthly income scheme
US Visa Fee Hike
- Significant fee hikes for non-immigrant US visas like H-1B, L-1, and EB-5 visas
- H-1B visa application fee increased to USD 780
- L-1 visa fee raised to USD 1,385
- EB-5 visa fees increased to USD 11,160
- Changes come ahead of the presidential election and may impact immigration policies
Germany Cannabis Legalisation
- Germany legalizes adult access to cannabis for recreational use
- Individuals can possess up to 25g of cannabis for personal use and up to 50g at home
- Requests can be made to remove criminal records for past possession offenses
- Home growing of up to three cannabis plants allowed for personal use
- Establishment of a regulatory framework for not-for-profit associations for cannabis cultivation and supply
