INCOME TAX SLABS 2022: NO CHANGES IN INCOME TAX, HOWEVER THE TAX DEDUCTION CEILING FOR GOVERNMENT EMPLOYEES HAS BEEN RAISED TO 14 PERCENT.

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Nirmala Sitharaman did not propose any changes to the income tax slabs when she presented the Union Budget. She did, however, recommend that the tax deduction maximum for both central and state government employees be raised from 10% to 14%. She claims that the action will enable state government employees receive equal social security benefits as central government employees.

The Finance Minister also recommended a reduction in the corporate levy and stated that any virtual digital asset transfer would be taxed at a rate of 30%. "The corporate surcharge will be cut from 12% to 7%." I suggest that any income derived from the transfer of any virtual digital asset be taxed at a rate of 30%. "With the exception of the cost of acquisition, no deduction in respect of any expenditure or allowance shall be allowed in computing such income," she stated.

Using the Budget proposing a 30% tax on virtual assets, Sitharaman stated that it cannot be used to substitute any other source of income, and that a 1% TDS will be added to payments made with digital assets to maintain track of transactions.

Cooperative societies can now pay an additional minimum tax of 18.5 percent, while businesses pay 15 percent, according to Sitharaman. Cooperatives will no longer be required to pay more than 15%.

"To provide taxpayers a chance to fix an error, they can now file a revised return within two years of the relevant assessment year," she continued.

The RBI will begin issuing digital rupees in 2022-23, utilising blockchain and other technologies. This will have a significant positive impact on the economy."

Tax assistance for those with disabilities was also announced by the Finance Minister. She stated that parents or guardians can obtain insurance for their disabled children. She went on to say that payments of annuities or lump sums for crippled dependents will be excused for the rest of their lives.

The new company tax regime's benefit deadlines were also extended in the Budget. The government had previously announced a 15% corporate tax rate for newly formed manufacturing businesses until March 31, 2023, which has now been extended until March 31, 2024. The deadline for companies to incorporate in order to qualify for tax incentives has been extended by a year, to March 31, 2023.

"The gross GST receipts for the month of January 2022 are Rs 1,40,986 crores, the highest since the start of GST," Sitharaman continued. Other than borrowing, overall spending in FY23 is expected to be Rs 39.45 lakh crore, with total resources mobilisation of Rs 22.84 lakh crore... The government promises a tax system that is steady and predictable. It recommends lowering the Minimum Alternative Tax on cooperatives to 15%, putting them on level with corporations."

She went on to say that states have been given Rs 1 lakh crore to help with investment. "An allocation of Rs 1 lakh crore has been approved for 2022-23 to assist states in catalysing overall economic investments. These interest-free loans for 50 years are in addition to the standard borrowing limits for states. It will be used for PM Gati Shakti-related projects as well as other state-led productive capital investments," she added.

 

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