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Top 10 Income Tax Highlights from Budget 2022

A trustworthy tax regime will promote voluntary compliance and reduce litigation. A new updated IT return to be introduced, says FM

New updated tax return: Some taxpayers may realise they have committed omissions or mistakes. To provide opportunity to correct errors, provision to file updated return within 2 yrs from end of relevant assessment year: FM

Propose to reduce alternate minimum tax for cooperative societies to 15% & surcharge on co-ops to 7% for those with total income between Rs 1-10 crore: FM

Tax deduction limit increased from 10-14% on contribution to NPS account to state govt employees (on par with Central govt employees)

Incentives for Startups: Tax incentives for startups extended by a year.

Virtual digital assets to be taxed at 30%. 1% TDS on payments made on transfer of digital assets. Gifting of virtual digital asset also to be taxed

With phenomenal increase in transactions of virtual digital assets, we will impose a 30% tax on any income from transfer of virtual digital assets. No deductions allowed except cost of acquisition, loss cant be set off, TDS of 1%: FM Sitharaman

Propose to cap surcharge on transfer of any long-term cap gains at 15%: FM

Govt proposes to reduce Minimum Alternative Tax to 15% for co-op societies, at par with corporate:

Taxpayers deserve applause who have diligently contributed to fulfilling their responsibilities in improved tax & GST: FM

Team – Intellex Strategic Consulting Pvt Ltd,,,


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