Indian Budget 2022 – Tax Reforms
The tax payer, who is waiting for relief on tax, has been disappointed this time in the budget as well. Presenting the budget on February 1, Finance Minister Nirmala Sitharaman did not make any changes in the income tax slab. There was an expectation of increasing the limit of tax free income, but no such announcement was made. However, relief has been given on ITR. Making changes in the income tax rules for taxpayers, the Finance Minister said that taxpayers can update income tax returns for 2 years from the end of the assessment year. He can rectify any mistake within 2 years. For this, a new sub-section (8A) will be included in section 139 of the Income Tax Act, 1961.
✓ Direct Tax
What is direct tax?
Direct taxes are non-transferrable taxes paid by the taxpayer to the government.
Let us discuss changes in Direct tax in Budget 2022.
- New provision introduced for filing updated return on payment of additional tax (within 2 years from the end of the relevant assessment years).
- AMT for co-operatives to be reduced to 15%.
- Reduce surcharge for cooperatives.
- Tax relief on income of persons with disabilities (annuity and lumpsum payment now allowed).
- Increase the tax deduction limit in the NPS account of state government employees from 10% to 14%.
- Eligible startups period of incorporation extended by 1 year to 31.03.2023 for various benefits.
- Concessional tax regime of 16% for domestic, manufacturing, companies was extended from 31.03.2023 to 31.03.2024.
- Taxation on virtual digital assets proposed at 30%. TDS at 1% on transfer of virtual digital assets. Gift is also to be taxed in the hands of the recipient.
- Measures were introduced to reduce the multiplicity of litigation.
- LCTG (maximum 15% surcharge capped) on any type of security asset.
- Explanation that health and education cess is not eligible as business expense.
- No compensation shall be allowed against any proceeds found under search and survey proceedings.
✓ Indirect tax
What is Indirect tax?
Indirect taxes are transferable taxes where the liability to pay can be transferred to others.
Let us discuss changes in Indirect tax in Budget 2022.
- GST Collection of 1.40 Lakh Crore+ in Jan 2022 (Highest till inception of GST).
- Ease of companies for SEZs to increase EODB.
- Measures to facilitate domestic manufacture of goods under customs duty.
- Simplifying customs tariffs on chemicals, textiles and metals to avoid confusions.
- Custom duty on diamond reduced.
- The duty on the umbrella was increased to 20% and the exemption was withdrawn for parts of it.
- Anti-dumping and CVD on stainless steel. etc. cancelled.
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