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Budget updates 2022- Direct Tax

Updated on: 10 Aug, 2023 04:16 PM

As the finance minister presented the budget 2022, here are the updates related to direct taxation:

  • Provision for filing ?Updated Income Tax returns? within 2 years from the end of relevant Assessment Year. With this, if any taxpayer forgets to disclose the income in the ITR, he can disclose the income and pay the tax.?
  • Reduced AMT rates for Co-operatives from 18.5% to 15%
  • Reduced surcharge for Co-operatives with a total income of 1Cr to 10 Cr
  • Deduction for investment in National Pension Scheme for State Government employees made at par with the Central Govt employees. The deduction will be available up to 14% of Salary ( Basic Salary + DA)
  • Virtual digital assets (Cryptocurrency):?
    Income from transfer of virtual digital assets to be taxed at 30%. No deduction for expenses other than the cost of acquisition. No set-off of losses from any other income.
  • Surcharge on Long Term Capital Gains on any assets to be capped at 15%.?
  • Health and education cess not allowable as business expenditure u/s 37.
  • No set-off of losses against undisclosed income detected during the search.
CA Abhishek Soni
CA Abhishek Soni

Abhishek Soni is a Chartered Accountant by profession & entrepreneur by passion. He is the co-founder & CEO of Tax2win is amongst the top 25 emerging startups of Asia and authorized ERI by the Income Tax Department. In the past, he worked in EY and comes with wide industry experience from telecom, retail to manufacturing to entertainment where he has handled various national and international assignments.