FM Proposes Updated Return Tax Filing, Proposes 30% Tax On Proceeds Of Digital Assets In Budget 2022

Finance Minister Nirmala Sitharaman today presented the Union Budget 2022-23 in Parliament. In five big infrastructure projects, the government has proposed expanding highways in the country by 25,000 kilometres, allocating Rs 60,000 crore to the Nal se Jal scheme, five river link projects across various states, an additional Rs 48,000 crore in the PM housing scheme, and boosting infrastructure development in the North East.

The Finance Minister also announced the auction of 5G spectrum in 2022; proposed setting up 75 digital banking units in 75 districts; announced a national programme for mental health, worsened by the Covid-19 pandemic; and brought virtual currencies like cryptocurrency and non-fungible tokens under the tax net.

Union Finance Minister Nirmala Sitharaman proposed permission to allow individuals to file an updated Income Tax Return within two years of the relevant assessment year under Union Budget 2022-23 on February 1, 2022. The announcement aims to provide an opportunity to the individuals who have made errors while filing the return to correct their errors within 2 years.

However, the Finance Minister did not announce any change in the income tax slabs, in a huge disappointment for many of the salaried individuals. The income tax slabs and rates will remain same as before. The salaried individuals were expecting an upward revision in the basic tax exemption limit.

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