Budget 2022

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198
  • Taxpayers can file an updated return on payment of taxes within two years from the end of relevant assessment year.
  • The new provision will ensure voluntary tax filing and reduce litigation, says FM
  • 30% tax on proceeds of virtual/digital assets with no deductions other than cost of acquisition
  • No set off permitted against other income
  • 1% TDS to be levied on payments made on transfer of digital assets
  • Deduction for employer contribution to NPS increased to 14% from 10% earlier for State govt employees on par with central govt employee.

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