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Tax Takeaways on Budget 2022: Top Tax Takeaways from The Budget Announcement

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Union Finance Minister Nirmala Sitharaman unveiled a slew of tax breaks and changes on Tuesday. The main focus of the finance minister's speech, however, was a significant increase in capital spending - up 35% for FY23. These Are the Top Tax Takeaways from the Budget Announcement:

 
Budget 2022: Top Tax Takeaways From The Announcement

No change in Income Tax slab and rate

 

Contrary to popular belief, Finance Minister Nirmala Sitharaman has not announced any changes to the Income Tax Slab for 2022-23, which is a major disappointment for salaried taxpayers. Income tax rates for 2022-23 have likewise not been altered.

New ITR Rule: Taxpayers can now update ITR within 2 years

In addition to the announcement, a new tax regulation for taxpayers was revealed. Now, a taxpayer has two years from the end of the relevant assessment year to make an amended return on payment of taxes.

Income from LTCG will be taxed at 15%

The surcharge on long-term capital gains (LTCG) has been set at 15% in the budget for 2022. Long-term capital gains rates range from 10% to 20%, depending on the kind or class of assets. LTCG fee is now available exclusively on listed shares and mutual fund units.

Virtual/digital assets to be taxed at 30%

Any revenue derived from the transfer of any virtual digital asset will be taxed at a rate of 30%. There is no deduction for any expense or allowance other than the cost of purchase. TDS at 1% above a given monetary level.

Tax for cooperative societies reduced to 15%

The government recommends lowering the minimum alternative tax (MAT) for cooperative organizations from 18.5% to 15%, bringing them in line with private firms. Furthermore, the government has suggested lowering the levy on cooperative societies from 12% to 7% for those with a total income of more than 1 crore up to 10 crores.

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