Direct Taxes and Finance Proposals - Budget 2022

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..... Direct Taxes and Finance Proposals - Budget 2022 - By: - CS Swati Dodhi - Budget - 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 virtual assets above a thres .....

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..... hold - 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 file an updated return Minimum Al .....

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..... ternate 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 step up private capital in infra sector D .....

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..... igital 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 winding up of companies Faster dispute resolution th .....

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..... rough International arbitration Centre. - - Scholarly articles for knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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