Tax updates (Budget 2022)-01 Feb 2022

Tax updates (Budget 2022)-01 Feb 2022

AMT is proposed to be reduced from 18% to 15% for co-operative society

Surcharge rate reduced from 12% to 7% on co-operative society having total income less than Rs. 10 crores

Income from the transfer of virtual digital asset shall be taxed at 30% with no deductions of expenses

New provision introduced for filing of an updated return within 2 years from the end of the relevant assessment year on payment of additional tax

Period of incorporation for eligible start-ups to claim the tax benefit is extended by 1 year

Maximum surcharge on long-term capital gain is capped at 15%

Surcharge or cess is not allowable as business expenditure:

Gift of cryptocurrencies to be taxed at receiver’s end

The government will tax income from digital asset transfers at 30%.

Gross GST collection for January 2022 is Rs 1.4 lakh crores approx, highest since the inception of GST: Says FM

Rs 1 lakh crore financial assistance to be provided to states in 2022-23 to catalyse investments, says FM

Existing tax benefits for startups, which were offered redemption of taxes for 3 consecutive years, to be extended by 1 more year.

Faceless proceedings under Customs is fully established

Customs Duty on Gems and Diamonds reduced to 5%

SEZ reforms in customs to be implemented by 30th Sept, 2022

Concessions provided on raw material for boosting manufacturing of Electronics Goods

Duty concessions provided to high growth electronic items

Proposals made for exempting few goods under Customs for promoting manufacturing of Capital goods

Economic times –

Biggest announcements for taxpayers 👉
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, says FM

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

(Economic times)

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