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
