Nirmala Sitharaman on IT and return filing

New Delhi, Feb 01: Union Finance Minister, Nirmala Sitharaman said today that taxpayers can now update their IT Returns within 2 years. "To provide an opportunity to correct an error, taxpayers can now file an updated return within 2 years from the relevant assessment year" the finance minister also said.

Any income from the transfer of virtual digital assets will be taxed at 30%. Tax on gift of such assets to be paid by recipient. Tax for cooperative societies has been reduced to 15% to provide a level playing field between cooperatives and corporates. Surcharge on cooperatives reduced to 7 per cent, Sitharaman also said.

She also said that the tax limit for Central and State government employees will be increased from 10 to 40 per cent. This is being done to help the social security benefits of state government employees and also bring them on par with the Central government employees.