Budget 2022: No change in income tax slabs announced

Mangalore Today News Network

New Delhi, Feb 01, 2022: Finance Minister Nirmala Sitharaman, while presenting the Union Budget, did not announce any new changes in tax slabs for the personal income tax category. It was highly expected that some incremental changes would be introduced to the current income tax regime, but, no significant change was announced.

 

However, Sitharaman also announced that taxpayers can now update I-T returns within two years.

"To provide an opportunity to correct an error, taxpayers can now file an updated return within two years from the relevant assessment year," said Sitharaman.

The Finance Minister said," Any income from the transfer of virtual digital assets will be taxed at 30 per cent. Tax on gift of such assets to be paid by recipient."
Sitharaman also said, "Tax for cooperative societies has been reduced to 15% to provide a level playing field between cooperatives and corporates. Surcharge on cooperatives reduced to 7%."

Finance Minister Nirmala Sitharaman presented her fourth Budget that is aimed at maintaining the world’s fastest-growing economy tag for India.

The budget comes days before the first phase of voting in Uttar Pradesh, which along with four other states is going to the polls to elect a new state government.

Indian economy is estimated to expand 9.2 per cent in the fiscal year that ends in March, following a contraction of 7.3 per cent in the previous fiscal.

INCOME TAX RATES AS PER NEW REGIME

    * Up to Rs.2.5 lakh - Nil
    * Above Rs.2.50 - Rs.5 lakh - 5% of the total income that is more than Rs.2.5 lakh
    * Above Rs.5 lakh - Rs.7.50 lakh - 10% of the total income that is more than Rs.5 lakh + Rs.12,500
    * Above Rs.7.50 lakh - Rs.10 lakh - 15% of the total income that is more than Rs.7.5 lakh + Rs.37,500
    * Above Rs.10 lakh - Rs.12.50 lakh - 20% of the total income that is more than Rs.10 lakh + Rs.75,000
    * Above Rs.12.50 - Rs.15 lakh - 25% of the total income that is more than Rs.12.5 lakh + Rs.1,25,000
    * Above Rs.15 lakh - 30% of the total income that is more than Rs.15 lakh + Rs.1,87,500.

Courtesy:India Today