Finance Minister to present Union Budget 2022-23 in Parliament tomorrow at 11 AM
Watch Live Budget 2022-23 Speech. Live Highlights / updates of Direct and Indirect Taxes in Budget Proposal. Bookmark this page and revisit tomorrow for live updates. Â
Highlights of Income Tax Proposals in Budget 2022-23:
1. Option to file updated returns on payment of additional fee
2. Reduced MAT rates for Cooperative Sector. Surcharge also reduced to 7% with income up to 10 crores
3. Relaxation of tax Relief to persons with disabilitiesÂ
4. Increase of tax deduction limit on employees contribution to NPS to State Govt. employees
5. Incentive to startups – period of incorporation increased for tax incentives.
6. Extension of last date of commencement of manufacture / production for incentive u/s 115 BAB
7. Income from trf of virtual digital assets to be taxed at the rate of 30%. TDS to be deducted. Gift to be taxed at the hand of recipientÂ
8. Appeals – Question of Identical law in same assessees case, before HC, filing of appeal by the ITD to be deferred
9. AOPs surcharge reduced
 10. Surcharge on LTCG to be capped @ 15%
11. SHE cess / surcharge not to be allowed as business expenditure
12. No set off of any loss against undisclosed income detected in search/survey
 13. No changes in basic exemption tax slabs or rates of taxes
14. Increase in the amount of penalty under sub-section (2) of section 272A to five hundred rupees from the existing sum of one hundred rupees
15. Penalty for passing on unreasonable benefits to trustee or specified persons Read more >>
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- Taxes on sales comprising in turnover to be excluded for estimating net profit
- Capital contribution deposited in assessee’s bank not partnership firm – Addition 69A upheld
- Bail granted to a CA accused in a GST evasion of more than 40 crores
- Every provision invoked casts a different onus, quoting wrong section prejudice the assessee
- Liability under MV Act can’t be decided on the grounds of sympathy alone – Supreme Court
