BUDGET 2022

[D. Saha & Co.]

#  GET TWO YEAR WINDOW TO RECTIFY YOUR RETURN :-

The Union Budget has sought to give opportunity to tax payers to rectify mistakes related to misreporting of income when filing Income Tax Return for a Financial Year. It has created a provision for allowing such taxpayers to file an updated return within Two years from the end of the relevant Assessment Year.

# 15% CAP ON SURCHARGE ON LTCG DELIGHT FOR HNIs :-

The Budget has offered tax relief to long-term investors in capital assets other than equity funds and listed stocks. The surcharge on the tax payable on long-term gains from these capital assets (property, unlisted shares, artifacts) is proposed to the capped at 15%.

# CRYPTOS TO BE TAXED AT 30% :-

Tax free run ends even Crypto gifts brought under tax net. Finally, there is some clarity on Crypto by taxing digital assets at 30%.

# PROPOSAL TO TWEAK TDS NORMS ON SALE OF IMMOVABLE PROPERTY TO CORRECT ANOMALY :-

One percent TDS will apply on a Non-Agriculture Immovable Property of over Rs. 50 Lakh on the basis of sale price or the stamp duty value, whichever is higher.

# NEW TAX DEDUCTION FOR PARENTS OF DISABLED :-

Budget 2022 has introduced a new tax benefit/deduction for the parent/guardian of a disabled person. As per the new tax sop, if the parent/guardian of a disabled person buys a savings life insurance policy with the latter as beneficiary then the parent/guardian would be eligible to deduction from gross income before tax subject to certain conditions.

# NO CHANGES IN INCOME TAX SLAB :-

a. Below 60 Years



b. Above 60-80 Years



c. Above 80 Years