1. Crypto currency to be taxed at 30% special rate, no deduction allowed. Online digital assets to be taxed at 30%. No deductions or set off of losses.
2. Corporate surcharge to be reduced from 12% to 7%.
3. Health and Education Cess and Surcharge shall not be allowed as business expenditure.
4. Propose to cap surcharge for AOPs at 15%. Also cap surcharge on LTCG arising from transfer of assets at 15% to give a boost to startup community.
5. No change in slab rates for individuals and others.
6. If undeclared income detected during search, no deduction will be allowed on such additional income.
7. Propose a provision to file an updated return with payment of additional tax to correct any errors in assessment. Assesses can declare income that may have been missed out previously. New provision introduced to file updated ITR within 2 years in case of any omission or mistake.
8. To reduce surcharge on co-operative societies to 7% from 12% for income between Rs.1 cr to Rs.10 cr.
9. Despite Covid pandemic, GST collection has touched all time high from its inception. FM gives credit to recovering economy and administrative measures taken by revenue department. Gross GST collection in Jan 2022 - Rs.1,46,986 cr.
10. Persons with disability - parents and guardians can avail annuity even in their life time.
11. Tax Deduction limit for state government employees to NPS raised to 14% from 10%.
12. Incentives for startups : period of incorporation extended by a year to 2023 to avail of tax benefits. For corporates, extension also granted for new companies to set up manufacturing facilities to 2024 from earlier 2023.
13. Section 115BAB the date for setting up business increased by one year to 2024. Incentive for newly incorporated manufacturing industry a concessional tax rate of 15% was introduced.
14. Issuance of E-passports will be rolled out in 2022-23 to enhance convenience for citizens.
15. India Economic Growth FY22 to be at 9.2%.
PS.
Just a tip of the many highlights. To be contd........
Tailpiece.
Got up around a quarter past 6, the chores and was ready by a quarter to 10. The maid had asked for a day off early in the morning.
The a/cs have been serviced and are ready for use during the warm months ahead. Nidhish, the service representative is a guy with good value system.
Helped Lekha in watering the plants.
Frequent power interruptions during the course of the evening were a cause of irritation!
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