BUDGET 2022-2023 HIGHLIGHTS

👉 Provision for filing ‘Updated Income Tax returns’ within 2 years from end of relevant AY
👉 Reduced AMT rates for Co-operatives from 18.5% to 15%
👉 Reduced surcharge for Co-operatives with total income of 1cr to 10Cr
👉 Tax relief for persons with disability: Allow annuity payment to differently abled dependents when parents attaining age of 60 years
👉 Deduction for National Pension Scheme for State Government employees u.s 80CCC made at par with Central Govt.
👉 Start-ups established before 31.03.2023 (earlier – 31.03.2022; now extended by 1 year) will be provided tax breaks
👉 Last date for commencement of manufacturing for claiming lower tax regime under Section 115BAB to be 31.03.2024 (earlier 31.03.2023; now extended by 1 year)
👉 Virtual digital assets (Cryptocurrency):
Income from transfer of virtual digital assets to be taxed at 30%;
👉 No deduction for expenses other than cost of acquisition;
👉 No set off of losses
TDS @ 1% on consideration above specific threshold
👉 Gift to be taxed u.s 56(2)(x)
👉 No repetitive appeals for common question of laws
👉 Off-shore banking units/ IFSC income to be provided exemptions
👉 Surcharge of certain AOPs to be capped at 15%
👉 Surcharge on Long Term Capital Gains on any assets to be capped at 15%
👉 Health and education cess not allowable as business expenditure u/s 37
👉 No set off of losses against undisclosed income detected during search