New Delhi: The Modi government at the Centre has given a big facility to taxpayers in the Budget 2022-23. If there is a mistake in the calculation while filing a return (ITR) from a taxpayer, it will now get two years to rectify it. Union Finance Minister Nirmala Sitharaman has made an announcement in this regard while presenting the Budget in Parliament.
Nirmala Sitharaman, while presenting her fourth budget, said that a provision has been made for taxpayers to file updated ITR. Taxpayers can file updated returns for the next 2 years from the last day of any assessment year. This means that if you have filed the ITR for 2021-22 and want to change something in it, then the updated return can be filed by 2023-24. At the same time, he also announced to increase the tax deduction limit on government contribution to the NPS account for the employees of the state governments. Now this deduction limit has been increased to 14 per cent. Now, even for employees of state governments, this concession has become at par with central government employees.
The government has decided to impose taxes on digital assets for the first time. This means that the income from the transfer of cryptocurrencies will now have to be taxed. It has been proposed in the budget to impose a hefty tax of 30 per cent on them. TDS will also be deducted at the rate of 1% on transactions above a limit. There is also a provision of tax on gifting properties like cryptocurrencies.
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