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Direct Taxes and Finance Proposals - Budget 2022

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Direct Taxes and Finance Proposals - Budget 2022
CS Swati Dodhi By: CS Swati Dodhi
February 1, 2022
All Articles by: CS Swati Dodhi       View Profile
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Direct Taxes and Finance Proposals - Budget 2022

  1. One-time window to correct default/omissions in ITRs filed - Corrected and updated returns to be filed within 2 years.
  2. No business expenditure allowable on Cess or surcharge on income.
  3. TDS @1% on transfer of virtual assets above a threshold - Taxation on gifts proposed.
  4. Surcharge on long-term capital gains @ 15%.
  5. Taxation on income from digital asset transfers @ 30%.
  6. Except cost of acquisition no deduction allowed while computing income.
  7. No set-off of Loss from any other income.
  8. Taxation of Gift of cryptocurrencies - to be taxed at receiver's end
  9. Provision to allow taxpayers to file an updated return
  10. Minimum Alternate Tax for Cooperative societies cut to 15%
  11. Reduce surcharge on Cooperative societies to 7%, whose income is between ₹ 1 crore and ₹ 10 crore
  12. Employers contribution to NPS account of state govt employees - Tax deduction limit increased to 14%

Finance Proposals

  1. Introduction of Digital Rupee by RBI starting 2022-23
  2. Measures to step up private capital in infra sector
  3. Digital Rupee to be rolled out by 2023
  4. Post offices working on the core banking system - access through net and mobile banking, ATMs - online transfer of funds between post office accounts and bank accounts
  5. Amendments in IBC to more efficient resolution process
  6. Proposal to cross-border insolvency resolution
  7. Enhanced scheme for Voluntary winding up of companies
  8. Faster dispute resolution through International arbitration Centre.

 

By: CS Swati Dodhi - February 1, 2022

 

 

 

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