Budget 2022: Major Announcements for Taxpayers made in Budget

Budget 2022: Major Announcements for Taxpayers made in Budget

Deepak Gupta | Feb 1, 2022 |

Budget 2022: Major Announcements for Taxpayers made in Budget

Budget 2022: Major Announcements for Taxpayers made in Budget

Finance Minister Nirmala Sitharaman is presenting her fourth Union Budget in Parliament in a paperless manner, like she did last year. Domestic and foreign investors, as well as other interest groups such as farmers, crypto investors, worried middle class and business organizations, as well as MPs, will be watching the Budget address closely.

The Sensex soared almost 900 points ahead of the Budget presentation.

No Major Relief Given to Taxpayers made in this Budget. Below are few Major Announcements for Taxpayers made in this Budget.

  • 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, says FM
  • 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

StudyCafe Membership

Join StudyCafe Membership. For More details about Membership Click Join Membership Button
Join Membership

In case of any Doubt regarding Membership you can mail us at [email protected]

Join Studycafe's WhatsApp Group or Telegram Channel for Latest Updates on Government Job, Sarkari Naukri, Private Jobs, Income Tax, GST, Companies Act, Judgements and CA, CS, ICWA, and MUCH MORE!"




Author Bio
My Recent Articles
UGC NET June 2024 Exam cancelled after Exam Integrity Compromised Manabadi AP Board Class 10th Results 2024 Live: BSEAP SSC Class10 Result is coming soon at bse.ap.gov.in JEE (Main) – 2024 Session 2 Admit Card Released: NTA Released Admit Card for JEE (Main) – 2024 Session 2 NTA Invites Online Applications for Common Management Admission Test-2024 CBSE Class 12 History Paper Analysis 2024: CBSE Class 12 History Answer Key 2024View All Posts