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Union Budget 2022 highlights: No changes in income tax slabs or rates
Union Budget 2022: No standard deduction was raised even as it was widely expected given the elevated inflation levels and impact of the pandemic on the middle class.
Union Budget 2022-23: Union finance minister Nirmala Sitharaman did not make any changes in income tax slabs in the personal income tax category in the Budget unveiled for the 2022-23 fiscal on Tuesday. No standard deduction was raised even as it was widely expected given the elevated inflation levels and impact of the pandemic on the middle class. Sitharaman also did not tinker with the corporate tax rate. However, the concessional rate of 15 per cent has been extended by a year for newly incorporated manufacturing units.
...Read MoreUnion Budget 2022-23 makes no changes in income tax slabs, rates
In what comes as a disappointment for salaried individuals, the Union Budget 2022-23 made no tax concessions. Finance minister Nirmala Sitharaman announced no changes in income tax slabs or rates.
30% tax on transfer of digital assets
30% tax on income from sale or acquisition of virtual, digital assets: Nirmala Sitharaman
Tax rates for co-operative societies slashed to 15%: FM
Tax rates for co-operative societies slashed to 15%, while start-ups are set to get one year of tax incentives till March 31, 2023: FM Nirmala Sitharaman
Updated tax returns can be filed in 2 years from the end of the assessment year: FM
Updated tax returns can be filed in 2 years from the end of the assessment year and incomes that might have been missed out can be declared: FM
Budget 2022: What are the income tax-related expectations?
According to financial experts, Budget 2022 can look into a reduction in tax rates for the new personal tax regime, increase in the standard deduction, and increase in deduction on housing loan interest.
Budget 2022: Amendments in tax law among priorities this year
Amendments in the tax law to bring about sustainable growth, infrastructure investment, focus on R&D spending, nurturing incentives to the core sectors, including manufacturing and services, tapping the huge experience of running captive centers are some of the priority items on the agenda of the government.
Will finance minister revise income tax rates?
Analysts say finance minister Nirmala Sitharaman must strike a fine balance between keeping up the momentum of the country's promising but fledgling economic recovery and tax collections. At the same time, she also has to look at bringing in measures to spur demand, create jobs and tackle inflation as the country deals with the ongoing third wave of the Covid-19 pandemic.
