Income Tax Budget 2022: Union Finance Minister Nirmala Sitharaman proposed permission to allow individuals to file an updated Income Tax Return within two years of the relevant assessment year under Union Budget 2022-23 on February 1, 2022. The announcement aims to provide an opportunity to the individuals who have made errors while filing the return to correct their errors within 2 years.
The Finance Minister did not announce any change in the income tax slabs, in a huge disappointment for many of the salaried individuals. The income tax slabs and rates will remain same as before. The salaried individuals were expecting an upward revision in the basic tax exemption limit.
Incentives for startups
The period of incorporation of the eligible startups for providing tax incentives has been extended till 2022-23.
Taxation of Virtual Digital Assets
Any income from transfer of any virtual digital asset shall be taxed at a rate of 30 percent. No deduction in respect of any expenditure or allowance shall be allowed while computing such income, except cost of acquisition.
Deterrence of Tax Evasion
No set-off of loss allowed against an income detected during search and seizure.
Surcharge on AOPs and long-term capital gains capped at 15 percent.
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Indirect Taxes
The Gross GST collections for January 2022 are Rs 1,40,986 crores, which is the highest since the inception of GST.
Customs Duty
-Customs duty on gems, cut and polished diamonds to be reduced to 5%.
-Customs Duty on Imitation Jewelry and Chemicals reduced.
-Customs Duty on umbrellas raised to 20% and the exemption on the import of parts of umbrellas has been withdrawn.
-The duty on steep scrap has been extended by another year.
-Anti-dumping duty on stainless steel is being revoked.
-Customs duty on shrimp aquaculture to be reduced.
-Customs Duty on Sodium Cyanide to be increased.
Current Income Tax Regime
The current income tax regime will continue as it is, as no change was announced by FM Nirmala Sitharaman. The Finance Minister had introduced a new tax regime in the Union Budget 2020 presentation, under which the tax rates were reduced for those willing to forego tax exemptions and deductions. The new tax regime is optional for taxpayers, which means that they can either pick the old tax regime or choose the new one.
Current Income Tax Regime- Check Income Tax Slabs and Rates
Income Slab | New Income Tax Regime (2020) | Old Income Tax Regime (2014) |
Below Rs 2.5 lakh | Nil | Nil |
Rs 2.5 lakh- Rs 5 lakh | 5% | 5% |
Rs 5 to Rs 7.5 lakh | 10% | 20% |
Rs 7.5 to Rs 10 lakh | 15% | 20% |
Rs 10 to Rs 12.5 lakh | 20% | 30% |
Rs 12.5 lakh to Rs 15 lakh | 25% | 30% |
Over 15 lakh (No Change) | 30% | 30% |
- Top 50 Mix Gk
- वैज्ञानिक उपकरण एवं उनके उपयोग
- One Line Samanya Gyan
- Second Advance Estimates of Production of Major Crops
- H5N1 bird flu Outbreak in Patna & Maharashtra
- Haryana private sector quota law
- भारतीय अर्थव्यवस्था सामान्य ज्ञान
- Mix Gk important question
- Integrated Plant Nutrition Management Bill, 2022
- सामान्य विज्ञान महत्वपूर्ण प्रश्नोत्तरी
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