Union Budget: No change in IT slab

Digital rupee will be issued using blockchain and other technologies by Reserve Bank of India (RBI) starting 2022-23. This will give a big boost to the economy, says Union Finance Minister Nirmala Sitharaman

Tabling the Budget for 2022 – 2023 in the Parliament today, Nirmala Sitharaman said, ‘Any income from transfer of any virtual digital asset shall be taxed at the rate of 30 per cent. No deduction in respect of any expenditure or allowance shall be allowed while computing such income, except cost of acquisition’.

She has not announced any change in the Income Tax Bracket for tax paying individuals.
”
Contrary to widespread expectations from individual taxpayers, Finance Minister Nirmala Sitharaman has not announced any change in the Income Tax Slab.

The Finance Minister has however given respite to people filing their revised Income Tax Return (ITR). FM has announced that the revised tax filing window will remain open for two years from the year of assessment in case of less filing of tax.

To provide an opportunity to correct an error, taxpayers can now file an updated return within 2 years from the relevant assessment year, she announcing her fourth straight Union Budget said.

0

0