Budget 2022 Highlights - Direct Taxes – Income Tax


Budget 2022
Budget 2022 (Source - india.gov.in)

The focus of the Budget 2022 was on 'digital and technology,' as well as infrastructure, health, education, and the provision of e-services to the general public. This Union Budget set the groundwork and laid out the economic roadmap for the following 25 years.


Amend Previous Returns

A new provision allows taxpayers to amend previous returns and incorporate missing income by making an additional tax payment. The amended return must be filed within two years of the end of the relevant assessment year.

Co-Operative Societies

Persons with Disability

National Pension Scheme - 80CCC

Startups

Manufacturing

Virtual Digital Asset

Appeals

Off-Shore Banking Units/ IFSC

Surcharges

Health and education cess