Budget 2022: No Change in Personal Income Tax..?
Budget 2022: No Change in Personal Income Tax..?
Finance minister Nirmala Sitharaman presented the budget for 2022-23 in parliament today. She visited the Union Finance Ministry at 8.45 am today morning. Similarly, Finance Ministers Pankaj Chaudhary and Bhagwat Karad visited the Finance Ministry. This was followed by a formal meeting with President Ramnath Govind, Union Finance minister Nirmala Sitharaman, and senior officials of the Finance Ministry before the formal presentation of the budget. Union Finance minister Nirmala Sitharaman presented the paperless budget for the second consecutive time in Parliament.
Highlights of the Finance Minister's Budget Address regarding income tax: -
1. For Those who file a revised income tax return, a grace period of 2 years will be given.
2. Revised Accounts Facility will be provided for 2 years for those who wish to show additional income and pay additional tax.
4. Tax breaks and incentives for start-ups have been extended for one more year. Tax breaks for start-ups will be merged until march 31, 2023.
6. Proposes to increase the tax deduction limit on employers' contribution to NPS accounts of state government employees to 14%.
Finance minister Nirmala Sitharaman presented the budget for 2022-23 in parliament today. She visited the Union Finance Ministry at 8.45 am today morning. Similarly, Finance Ministers Pankaj Chaudhary and Bhagwat Karad visited the Finance Ministry. This was followed by a formal meeting with President Ramnath Govind, Union Finance minister Nirmala Sitharaman, and senior officials of the Finance Ministry before the formal presentation of the budget. Union Finance minister Nirmala Sitharaman presented the paperless budget for the second consecutive time in Parliament.
Highlights of the Finance Minister's Budget Address regarding income tax: -
1. For Those who file a revised income tax return, a grace period of 2 years will be given.
2. Revised Accounts Facility will be provided for 2 years for those who wish to show additional income and pay additional tax.
4. Tax breaks and incentives for start-ups have been extended for one more year. Tax breaks for start-ups will be merged until march 31, 2023.
6. Proposes to increase the tax deduction limit on employers' contribution to NPS accounts of state government employees to 14%.
7 Alternative minimum tax for co-operative societies will be reduced to 15%.
8 Corporate surcharges will be reduced from 12 percent to 7 percent.
9 Cancels concessions for unaccounted assets found during the income tax audit.