Budget 2022: Read the biggest announcements for taxpayers
FM Sitharaman on Tuesday announced following provisions for taxpayers in her budget speech:
- 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
- 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
