Budget 2022 Highlights No change in income tax slabs, tax rat | Start Learning

Budget 2022 Highlights
No change in income tax slabs, tax rates!
Updated Returns can be filed within 2 years of Original Return to rectify errors and omissions by paying additional taxes.
Reduced Alternative Minimum Tax to 14% for Co-operative Societies and Companies
Eligible Startups can avail tax incentives upto 4 years from the date of incorporation
Taxation of Virtual Digital Assets: Any income from transfer shall be taxed at 30%, No Deduction except cost of acquisition of assets
1% TDS will be levied on payments made on the transfer of digital assets
Gift of Virtual Digital Assets shall be taxable in the hands of Recipient
Health and Education Cess are not allowable as Business Expenditure.
NPS Deduction limit increased to 14% to State Employees to bring parity with the benefits to Central employees
Surcharge rate reduced from 12% to 7% for co-operative society having total income less than Rs. 10 crores
IBC laws will be amended to enhance the resolution process and to facilitate cross border insolvency resolution
RBI will issue Digital Rupee using block chain technology
Long term capital gains to be subject to surcharge only at 15% for all assets.

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