Union Budget 2022 amendments proposed in the Income Tax
Union Budget 2022 amendments proposed in the Income Tax
The amendments proposed by the Hon’ble Finance Minister Nirmala Sitharaman in the Union Budget 2022 in the Income Tax
- VIRTUAL DIGITAL ASSETS:
- Any income on transfer of virtual digital assets is taxed at 30%.
- Loss cannot be set off against any other Income.
- TDS @1% to be deducted on the Payment of Virtual Digital Assets.
- Introduction of provisions with respect to filing of the Updated return within 2 years.
- Reduced AMT to 15% and Surcharge to 7% for the Co-operative Societies.
- Increase the tax deduction limit to NPS Account from 10% to 14% for the State Govt. employees as well.
- Existing tax benefits for Startups which offered redemption of taxes for 3 consecutive years to be extended by 1 more year.
- Surcharge on LTCG arising from transfer of assets capped at 15%.
- Set off of losses would not be allowed against the income arises during search operations.
Also Read: General highlights from the Union Budget 2022
Read More on Budget 2022
