Live Updates and discussion on Union Budget 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.

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

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

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

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

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

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

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

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

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 

All imp budget documents here #budget2022

Key Highlights of Union Budget 2022-23

Summary of Union Budget 2022-23

Indirect Tax Proposals of Union Budget 2022

Direct Tax Proposals of Union Budget 2022

Budget 2022-2023: Speech of FM Nirmala Sitharaman

Finance bill 2022 - https://www.caclubindia.com/share_files/the-finance-bill-2022-as-introduced-in-lok-sabha-82171.asp

Memorandum of provisions - https://www.caclubindia.com/share_files/memorandum-explaining-the-provisions-in-the-financial-bill-2022-82175.asp

So to say who have demand they can reduce   by paying 25% or 50% fees ,  no for refund  in updated  ITR