All about Union Budget 2022-23
Union Budget 2022-23 A. Direct Tax a) Reducing AMT & Surcharge for co-operative societies from 18.5% and 12% (Income below ₹ 1 crore) to 15% & 7% respectively . b) NPS deduction of for State Government employees increased from 10% of salary to 14% of salary. c) Existing tax benefits for Startups which were offered redemption of taxes for 3 consecutive years to be extended by 1 more year till 31st March 2021 d) Extending benefits by one more year of Sec. 115BAB of Income Tax Act, 1961 to newly incorporated Manufacturing entity 31st March 2024. e) Virtual digital assets to be taxed at 30% and 1 % TDS on transfer of virtual digital assets. No Deduction shall be allowed from such income apart from cost of acquistion. Loss from such asset cannot be setoff against any other income. f) Easing custom rules for units in SEZ g) Maximum surcharge ...