Union Budget 2022-23 Income Tax Updates
The income tax slabs were left unchanged by the Union Budget 2022.
Please find below Highlights of Union Budget 2022-23:
Income Tax Updates
1. New Updated return - A new provision to allow taxpayers to file an updated return. Updated return can be filed within 2 years from the end of the relevant assessment year:
2. Co-op Society - 15 % from 18%, reduction in surcharge too
3. Alternate minimum tax to be reduced to 15% for cooperative societies
4. Propose to increase tax deduction limit to 14% on employers contribution
to NPS account of state govt employees
5. Tax incentives for startups to be incorporated until March 31, 2023
6. Crypto tax at 30% - Tax on BITCOIN no set off on loss -Crypto profit give
30% to govt Loss you suffer fully no set off
7. Recipient to be taxed in case of gift of virtual digital asset: FM
Sec 56 amended
8. Long term capital gains on listed equity share units subject to maximum
surcharge at 15%. propose to cap transfer of long term capital gains at
15%:
9. Corporate surcharge to be reduced from 12% to 7%:
Indirect Tax Updates
1. Record Rs 1.40 lakh crore gross GST collection in January 2022, highest since inception - Highest-ever GST collection of Rs 1,38,394 crore in January 2022
2. Concessional customs duty on capital goods to be phased out, initial rate of 7.5% to be imposed
3. More than 350 exemptions on some agri products, chemicals, drugs, etc to be phased out
4. Duty concessions on parts of phone chargers, transformers, etc to enable domestic manufacturing
5. Custom duty exemption on steel scrap is being extended by a year to help MSMEs.
Also, Read: "Union Budget 2023-24 - India".
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Krishna Gopal Varshney
An editor at MyitronlinenewsKrishna Gopal Varshney, Founder & CEO of Myitronline Global Services Private Limited at Delhi. A dedicated and tireless Expert Service Provider for the clients seeking tax filing assistance and all other essential requirements associated with Business/Professional establishment. Connect to us and let us give the Best Support to make you a Success. Visit our website for latest Business News and IT Updates.
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