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…

CA Deepak Gupta

Feb 1, 2022

Last update on Feb 1, 2022

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

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