Direct Taxes and Finance Proposals - Budget 2022

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..... Direct Taxes and Finance Proposals - Budget 2022
By: - CSSwati Rawat
Budget - Tax Proposals
Dated:- 1-2-2022

Direct Taxes and Finance Proposals - Budget 2022 * One-time window to correct default/omissions in ITRs filed - Corrected and updated returns to be filed within 2 years. * No business expenditure allowable on Cess or surcharge on income. * TDS @1% on transfer of virtua .....

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..... l assets above a threshold - Taxation on gifts proposed. * Surcharge on long-term capital gains @ 15%. * Taxation on income from digital asset transfers @ 30%. * Except cost of acquisition no deduction allowed while computing income. * No set-off of Loss from any other income. * Taxation of Gift of cryptocurrencies - to be taxed at receiver's end * Provision to allow taxpayers to f .....

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..... ile an updated return * Minimum Alternate Tax for Cooperative societies cut to 15% * Reduce surcharge on Cooperative societies to 7%, whose income is between ₹ 1 crore and ₹ 10 crore * Employers contribution to NPS account of state govt employees - Tax deduction limit increased to 14% Finance Proposals * Introduction of Digital Rupee by RBI starting 2022-23 * Measures to ste .....

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..... p up private capital in infra sector * Digital Rupee to be rolled out by 2023 * 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 * Amendments in IBC to more efficient resolution process * Proposal to cross-border insolvency resolution * Enhanced scheme for Voluntary wind .....

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..... ing up of companies * Faster dispute resolution through International arbitration Centre.
Scholarly articles for knowledge sharing by authors, experts, professionals .....

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