No relief for tax payers: IT slabs remain unchanged

New Delhi, Feb 01: The salaried class in particular was waiting for some announcement on the changes in the Income Tax slab during the presentation of the Union Budget 2022.

However no significant change was announced on the IT slabs. However 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.