Quick Summary
Rates of Tax and Surcharge Rates of Tax In the Union Budget, 2022, there is no proposal for changing the rates of tax applicable for individuals or HUFs or AOPs or BOIs or Artificial Juridical persons or Firms or Co-operative societies or companies. Therefore, tax rates applicable for such per
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FAQ :
No, the Finance Bill 2022 does not propose any changes to the rates of tax applicable to individuals, HUFs, AOPs, BOIs, Artificial Juridical persons, Firms, Co-operative societies, or companies. Tax rates for the Assessment Year 2023-24 will remain the same.
The Finance Bill 2022 proposes to reduce the alternate minimum tax rate for co-operative societies from 18.5% to 15% to align it with the rate for companies. Additionally, the surcharge rate on income tax for co-operative societies with total income exceeding Rs. 1 crore but not exceeding Rs. 10 crores is reduced from 12% to 7%.
A new scheme for taxing virtual digital assets is proposed, where any income from the transfer of such assets will be taxed at a flat rate of 30%. No deductions for expenses or allowances will be allowed, except for the cost of acquisition, and losses from these assets cannot be set off against other income.
Taxpayers will have the option to file an 'Updated Return' within 24 months from the end of the relevant assessment year, provided they pay an additional tax. This allows individuals to correct omissions or mistakes in their previously filed returns, subject to certain conditions and additional tax rates based on the timing of filing.
Yes, Section 194-IA is proposed to be amended so that tax is deducted at 1% of the higher of the consideration paid or the stamp duty value of the property. This applies to the transfer of immovable property, excluding agricultural land, with no TDS required if both the consideration and stamp duty value are below Rs. 50 lakhs.
A new Section 194R is introduced, requiring the person providing any benefit or perquisite (whether convertible to money or not) arising from a business or profession to deduct tax at 10% of its value, before providing it. This applies unless the value of the benefit or perquisite does not exceed Rs. 20,000 in a financial year.
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