The Finance Minister Nirmala Sitharaman did not announce any change in the tax slabs or rates .
Updated: Jul 12, 2022
The finance minister Nirmala Sitharaman did not announce any change in the tax slabs or rates in her Budget 2022
As per the recent Union Budget for AY 2022-23, there are no changes in individual Tax slab rates for AY 2022-23.
There were speculations of incremental changes in the individual tax slab rates, but no such significant changes were announced by Finance Minister Nirmala Sitharaman.
But considering hardships faced by taxpayers and to provide some relief to the assessee the finance minister has announced that individual taxpayers can now update I-T returns within two years.
This gives an opportunity to the assessee to correct any error in the individual return
The Finance Budget has also included taxation on any income arising from transfer of virtual digital assets at 30 per cent.
Minimum Alternate Tax (MAT) paid by cooperative societies has been reduced to 15% from 18%
Also, the surcharge on the tax rate on co-operative societies has been slashed 7 percent from 12 percent, for income between Rs 1 crore to Rs 10 crore