Union Budget 2022 Taxes Highlights
1. The government promises a steady and predictable tax system. 2. The government will allow a one-time chance to amend omissions in previously filed ITRs, with new returns due within two years.
3. Any tax or surcharge on income is not deductible as a business expense. 4. Gifts will be taxed, with a 1% TDS on transfers of virtual assets above a certain threshold.
5. The long-term capital gains surcharge is restricted at 15%. 6. The government would tax digital asset transactions at a rate of 30%.
7. Except for the acquisition cost, no deductions are allowed for calculating income 8. A new provision allowing taxpayers to update their returns.
9. Losses cannot be deducted from other sources of income. 10. Cryptocurrency gifts will be taxed at the receiver's end. 11. A new provision allowing taxpayers to update their returns.
12. For cooperative societies with an annual income of between Rs 1 crore and Rs 10 crore, the proposal will cut the surcharge to 7%.
13. Employer contributions to state government employees' NPS accounts are now eligible for a 14 percent tax deduction.