Budget 2022 - Highlights

UNION BUDGET HIGHLIGHTS 2022-23

Direct Taxes - Income Tax

1.  A new provision is introduced to allow taxpayers to update the past return and include omitted income by additional tax payment. The updated return can be filed within two years from the end of the relevant assessment year.

2.  An individual taxpayer will continue to pay the same rate of tax depending on the tax regime chosen for FY 2022-23.

3.  Under both tax regimes, tax rebate of up to Rs 12,500 is available to an individual taxpayer under section 87A of the Income-tax Act, 1961.

4.  Individual having business income can opt for new tax regime. However, once opted they get one opportunity in their lifetime to switch back to the old tax regime.

Rates of income-tax in respect of income liable to tax for 2022-23.

There is no change proposed in Income tax rates in respect of income of all categories of assesse liable to tax for the assessment for year 2022-23. The rates provided in sections 115BAA or 115BAB or 115BAC or 115BAD for the financial year 2022-23 are same as enacted.

Tax Rates under Section 115BAC and Section 115BAD2

1.  Income Tax rates and slabs under the both old and new Tax regimes.

2.  Income tax slabs and rates for resident individuals above 60 years of age but below 80 years of age (Senior citizen) for FY 2022-23:

3.  Income tax slabs and rates for resident individuals above 80 years of age (Super Senior citizen) for FY 2022-23:

Indel4 Port Name | TCS on Sale of Goods Above 50 Lakhs | UQC Code List | Best Business in India | Tax on Education In India | Objectives of Accounting | GST Number List