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
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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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