KEY TAKEAWAY OF BUDGET 2022

Relief provided to persons who missed out for filing ITR/filed but erroneously

In the prevalent scenarios, now a day Income tax Return is mandatory here and there right from availing housing loan or much more so it is more crucial step taken by government to introduce UPDATED RETURN OPTION.

India is growing at an accelerated pace and people are undertaking multiple financial transactions in this context, some taxpayers may realize that they have committed omissions or mistakes in correctly estimating their income for tax payment.?To provide an opportunity to correct such errors, proposing a new provision permitting taxpayers to file an Updated Return on payment of additional tax. This return can be filed within two years from the end of the relevant assessment year.

Strategy for taxation of virtual digital assets

The magnitude and frequency of virtual digital transactions have made it imperative to provide for a specific tax regime Union Finance Minister?Nirmala Sitharaman?Tuesday proposed to tax “any income from transfer of any virtual digital asset” at a rate of 30 per cent .Further, in order to capture the transaction details, she proposed to provide for TDS on payment made in relation to transfer of virtual digital asset @ 1 per cent of such consideration above a monetary threshold.

From Now IT return will have separate column for taxing income arising from Virtual Digital Assets

Income tax return forms from next year will have a separate column for making disclosures on gains made from crypto currencies and paying taxes, Revenue Secretary Tarun Bajaj said on Wednesday.

Budget 2022 focused on rejuvenate Indian agriculture: PM Modi to his party workers

The budget also focused on updating Indian agriculture with a focus on organic farming. This will make farming more flourishing. Kisan drones and other machinery will be made available to the farmers at affordable prices, PM Modi said while addressing party workers.