Live Updates and discussion on Union Budget 2022

Page no : 4

Aarika (Finance Professional) (2260 Points)
Replied 01 February 2022

Fiscal Deficit target set at 6.4% for FY23

FY23 total expenditure seen at Rs 39.45 lakh crore.
Total Receipts other than borrowing seen at Rs 22.84 lakh crore.

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Niyati (Student) (7730 Points)
Replied 01 February 2022

Alternate minimum tax to be reduced to 15% for cooperative societies: FM #Budget2022

Aarika (Finance Professional) (2260 Points)
Replied 01 February 2022

FM: Propose to increase tax deduction limit to 14% on employers contribution to NPS account of state govt employees

Shivani (Finance Professional) (6997 Points)
Replied 01 February 2022

Both Centre and States govt employees' tax deduction limit to be increased from 10% to 14% to help the social security benefits of state govt employees and bring them at par with the Central govt employees: FM Nirmala Sitharaman

Tax incentives for startups to be incorporated until March 31, 2023

Income from transfer of digital assets to be taxed at 30%: FM

A TDS of 1% will be levied for transactions above a certain threshold.

Recipient to be taxed in case of gift of virtual digital asset: FM

Niyati (Student) (7730 Points)
Replied 01 February 2022

Gift of cryptocurrencies to be taxed at receiver's end The government will tax income from digital asset transfers at 30% Tax deduction limit increased to 14% on employers contribution to NPS account of state govt employees Corporate surcharge to be reduced from 12% to 7% #Budget2022

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Mita Basak (Professional) (1921 Points)
Replied 01 February 2022

The gross GST collections for the month of January 2022 are Rs 1,40,986 crores which is the highest since the inception of GST: Finance Minister Nirmala Sitharaman #Budget2022

CA Ruby Bansal (Finance Professional) (6814 Points)
Replied 01 February 2022

FM: Concessional customs duty on capital goods to be phased out, initial rate of 7.5% to be imposed FM: More than 350 exemptions on some agri products, chemicals, drugs, etc to be phased out

Duty concessions on parts of phone chargers, transformers, etc to enable domestic manufacturing: FM

Custom duty on methanol to be reduced: FM #Budget2022

Mita Basak (Professional) (1921 Points)
Replied 01 February 2022

Customs duty on cut & polished diamonds, gems to be reduced to 5% #FM Sitharaman #unionbudget2022

Niyati (Student) (7730 Points)
Replied 01 February 2022

No change in personal tax rates/slabs or increase in any exemption/deduction limits #Budget2022

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jagdish chhugani (engineer) (1004 Points)
Replied 01 February 2022

To provide an opportunity to correct an error, taxpayers can now file an updated return within 2 years from the relevant assessment year: FM Nirmala Sitharaman#Budget2022

Any body explain what type of error ? Looks any error . Under which section