ITR Revisions – By payment of additional taxes- Return can be filed for 2 years from the end of relevant AY.
Reduced Alternate Minimum Tax and surcharge to co-operative societies (AMT tax – 15% & Surcharge – 7%) for Income above 1crore up to 10crores.
Deduction to Parent of Differently Abled Person – Payment of annuity to different abled Person.
80CCD – State Government Employees to get a deduction of NPS – 14% of Salary.
Eligible Startup incorporation date extended to March 2023.
Taxation of Virtual Digital Assets (Crypto) – Tax Rate 30%. No deduction of expenditure nor allowance except Cost of Acquisition. Loss cannot be set off against any other Income. TDS to be deducted @ 1% on transfer/sell. The gift of VDA would be taxed in hands of the Recipient.
AOP Surcharge – 15%
LTCG Surcharge arising from transfer of assets – 15%
Surcharge and Education Cess is a tax – Won’t be allowed as business expenditure.
No set-off of any loss against undisclosed Income detected during Search & seizure.
No Change in slab rates for Individuals and others.
Existing Tax benefits for startups, which were offered redemption of taxes for 3 consecutive years, to be extended by 1 more year.