Nirmala Sitharaman the Finance Minister in the Budget proposed that both Centre and states govt employees\u2019 tax deduction limit should 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.<\/p>\n
She added, \u201cCorporate surcharge to be reduced from 12% to 7%. I propose to provide that any income from the transfer of any virtual digital asset shall be taxed at the rate of 30%. No deduction in respect of any expenditure or allowance shall be allowed while computing such income, except the cost of acquisition.\u201d<\/p>\n
Sitharaman said that cooperative societies can now pay 18.5% alternate minimum tax and companies pay 15%. From now, cooperative too will have to pay only 15%.<\/p>\n
She added, \u201cTo provide an opportunity to correct an error, taxpayers can now file an updated return within 2 years from the relevant assessment year\u2026Digital rupee to be issued using blockchain and other technologies; to be issued by RBI starting 2022-23. This will give a big boost to the economy.\u201d<\/p>\n
The Finance Minister also announced tax relief for persons with disabilities. The parents or guardians can take insurance from their children with disabilities, she said.<\/p>\n
The payment of the annuity or lump sum for the disabled dependents will be exempted during the lifetime, she added.<\/p>\n","protected":false},"excerpt":{"rendered":"
Nirmala Sitharaman the Finance Minister in the Budget proposed that both Centre and states govt employees\u2019 tax deduction limit should 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. She added, \u201cCorporate surcharge to be reduced from 12% […]<\/p>\n","protected":false},"author":3,"featured_media":221275,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,2],"tags":[107967,107966,97790,105651],"class_list":["post-221274","post","type-post","status-publish","format-standard","has-post-thumbnail","category-politicalnews","category-top-stories","tag-central-govt-employees","tag-employees-tax-deduction","tag-finance-minister-nirmala-seetharaman","tag-union-budget-2021-22"],"jetpack_featured_media_url":"https:\/\/greattelangaana.com\/english\/wp-content\/uploads\/2022\/02\/Union-Budget-2022-highlights.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/posts\/221274","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/comments?post=221274"}],"version-history":[{"count":0,"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/posts\/221274\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/media\/221275"}],"wp:attachment":[{"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/media?parent=221274"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/categories?post=221274"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/tags?post=221274"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}