Budget 2022-23 Highlights: Announcements for Tax Payers

Finance minister Nirmala Sitharaman on Feb 1st unveiled budget for fiscal year 2022-23 with an aim to boost growth amid Covid-19 pandemic and rising inflation.

Here are the announcements made for tax payers in the budget 2022-23

• No change in income Tax slab
• Taxpayers can file an updated return on payment of taxes within two years from the end of relevant assessment year.
• The new provision will ensure voluntary tax filing and reduce litigation
• 30% tax on proceeds of virtual/digital assets with no deductions other than cost of acquisition
• No set off permitted against other income
• 1% TDS to be levied on payments made on transfer of digital assets
• Deduction for employer contribution to NPS increased to 14% from 10% earlier for State govt employees on par with central govt employees

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Published date : 01 Feb 2022 01:50PM