• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Home
  • DOPT ORDERS 2020
  • FinMin Orders 2020
  • Railway Orders 2020
  • Contact Us

7th Pay Commission Latest news

Central Government Employees News

  • DOPPW Orders
  • 7th Pay Commission
  • Dearness Allowance
  • Dearness Relief
  • CSD Price List
  • Defence
    • Defence Pension
You are here: Home / Union Budget 2022-23 / Taxpayers can file updated Income Tax return within two years

Taxpayers can file updated Income Tax return within two years

February 1, 2022 pcadmin Leave a Comment

Taxpayers can file updated Income Tax return within two years

TAX RELIEF TO PERSONS WITH DISABILITY

TAX DEDUCTION LIMIT ON EMPLOYER’S CONTRIBUTION TO NPS ACCOUNT OF STATE GOVERNMENT EMPLOYEES INCREASED TO 14% FROM 10%

INCOME FROM VIRTUAL DIGITAL ASSETS TRANSACTIONS TO BE TAXED AT 30%

NEW STEPS TO AVOID REPEAT LITIGATIONS WITH TAXPAYERS

The Government proposes to permit taxpayers to file an updated return on payment of additional tax within two years from the end of the relevant assessment year announced the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman while presenting the Union Budget 2022-23 in the Parliament today. She said this would give taxpayers an opportunity to correct any omissions or mistakes in correctly estimating their income for tax payment. She pointed out that currently, if the department finds out that some income has been missed out by the assessee, it goes through a lengthy process of adjudication, the new proposal would repose trust in the taxpayer. She said “It is an affirmative step in the direction of voluntary tax compliance”.

Tax Relief to Persons with Disability

The law currently provides for deduction to the parent or guardian when they take an insurance scheme for the differently abled person only if the lump sum payment or annuity is available to the differently abled person on the death of the subscriber. Pointing out that there could be situations where differently abled dependants may need payment of annuity or lump sum amount even during the lifetime of their parents/guardians, Smt. Sitharaman announced that the Government proposes to allow the payment of annuity and lump sum amount to the differently abled dependent during the lifetime of parents/guardians, on subscribers attaining the age of sixty years.

Tax Proposals.jpg

Parity between Employees of State and Central Government

The minister said that to enhance the social security benefits of the State government employees and bring them at par with the central government employees, the Government proposes to increase the tax deduction limit to 14 per cent from 10 per cent on employer’s contribution to the NPS account of State Government employees.

Highlights of the Union Budget 2022-23

Scheme for Taxation of Virtual Digital Assets

Stating that the magnitude and frequency of transactions in virtual digital assets have increased phenomenally, Smt. Sitharaman announced that “any income from transfer of any virtual digital asset shall be taxed at the rate of 30 per cent”. She said that the scheme would not allow any deduction in respect of any expenditure or allowance while computing such income except cost of acquisition. Further she said, loss from transfer of virtual digital asset cannot be set off against any other income. The minister also added that in order to capture the transaction details, the Government would also make a provision to provide for TDS on payment made in relation to transfer of virtual digital asset at the rate of 1 per cent of such consideration above a monetary threshold. Gift of virtual digital asset is also proposed to be taxed in the hands of the recipient, she said.

Litigation Management

Smt. Sitharaman stated that “a lot of time and resources are consumed in filing of appeals which involve identical issues”. In order to take forward the Government’s policy of sound litigation management and reduce repeated litigation between taxpayers and the department, the Government would make a provision that if a question of law in the case of an assessee is identical to a question of law which is pending in appeal before the jurisdictional High Court or the Supreme Court in any case, the filing of further appeal in the case of this assessee by the department shall be deferred till such question of law is decided by the jurisdictional High Court or the Supreme Court.

Taxpayers can file updated Income Tax return within two years

The minister also thanked the taxpayers of the country who have contributed immensely and strengthened the hands of the Government in helping their fellow citizens in the hour of need.

Union Budget 2022-23 : Live Updates

***

Filed Under: Budget Highlights, Income Tax, Union Budget 2022-23

Also Read

Coverage under Railway Services (Pension) Rules, 1993, in place of NPS for Railway employees

Coverage under Railway Services (Pension) Rules, 1993, in place of NPS for Railway employees

March 14, 2023 By pcadmin Leave a Comment

Coverage under Railway Services (Pension) Rules, 1993, in place of NPS for Railway employees RBE No 41/2023 GOVERNMENT OF INDIA (BHARAT SARKAR)MINISTRY OF RAILWAYS (RAIL MANTRALAY)(RAILWAY BOARD) No. D-43/12/2018-F(E)III New Delhi, dated: 10.03.2023. The General Managers/Principal … [Read More...] about Coverage under Railway Services (Pension) Rules, 1993, in place of NPS for Railway employees

Release of DA arrears for 18 months - Lok Sabha QA

Release of DA arrears for 18 months – Lok Sabha QA

March 13, 2023 By pcadmin Leave a Comment

Release of DA arrears for 18 months - Lok Sabha QA Government of IndiaMinistry of FinanceDepartment of ExpenditureLok Sabha Unstarred Question No. 1971.To be answered on Tuesday, 13th March, 2023Phalguna 22, 1944 (Saka) Release of DA Arrears to Central Government Employees and … [Read More...] about Release of DA arrears for 18 months – Lok Sabha QA

Income Tax on GPF accumulation

Income Tax on GPF accumulation

March 13, 2023 By pcadmin Leave a Comment

Income Tax on GPF accumulation Office of Controller General of Defence AccountsUlan Batar Road, Palam, Delhi Cantt.- 110010 ABFU-4052/7/2020-PAYC-Part(1) Dated: 27.02.2023. To All Regional PCSDA/CsDAPCDA (QO) PunePCDA (Navy)PCDA’s (AF)CDA (IT&SDC) Sec’bad.CDA (Fund) … [Read More...] about Income Tax on GPF accumulation

Integrated Pensioners’ Portal: All Pension portals, Pension Disbursing Bank portals, ANUBHAV, CPENGRAMS, CGHS will be integrated in a single portal - Dr Jitendra Singh

Integrated Pensioners’ Portal : All Pension portals will be integrated in a single portal

March 8, 2023 By pcadmin Leave a Comment

Integrated Pensioners’ Portal: All Pension portals, Pension Disbursing Bank portals, ANUBHAV, CPENGRAMS, CGHS will be integrated in a single portal - Dr Jitendra Singh Union Minister Dr Jitendra Singh says, all portals like Pension Disbursing Bank portals, ANUBHAV, CPENGRAMS, CGHS will be … [Read More...] about Integrated Pensioners’ Portal : All Pension portals will be integrated in a single portal

One-time option to be covered under the CCS(Pension) Rules: OPS to NPS

One-time option to be covered under the CCS(Pension) Rules: OPS to NPS

March 6, 2023 By pcadmin Leave a Comment

One-time option to be covered under the CCS(Pension) Rules: OPS to NPS No. 57/05/2021-P&PW(B)Government of IndiaMinistry of Personnel, Public Grievances and PensionsDepartment of Pension and Pensioners Welfare Lok Nayak Bhawan, Khan Market,New Delhi, the 03rd March, 2023 OFFICE … [Read More...] about One-time option to be covered under the CCS(Pension) Rules: OPS to NPS

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

All About Pension

All about Pension

Latest DOPT Orders

Reimbursement of Children Education Allowance (CEA) to Central Government servants having Divyang Children

Addendum for early closure of all the offices falling in the premises of Parliament House & Rashtrapati Bhawan in c/w forthcoming Republic Day

Early Closure of Offices in connection with Republic Day Parade/Beating Retreat Ceremony/At Home Function during January, 2023

Review of CSS Officers (Under Secretary) under FR 56(j) and Rule 48 of CCS (Pension) Rules, 1972

Year-End- Review of DoPT(Ministry of Personnel, Public Grievances & Pensions)-2022

Latest Finmin Orders

Compendium of Instructions regarding grant of House Rent Allowance to Central Government employees – FINMIN

CGEGIS 1980: Table of Benefits of saving funds from Oct to Dec 2022

Non-Productivity Linked Bonus (ad-hoc bonus) to Central Government Employees for 2021-22

FINMIN : Dearness Allowance to Central Government employees effective from 01.07.2022.

Compendium of Instructions regarding grant of Transport Allowance at double the normal rates to persons with disabilities employed in Central Government

Latest Railway Orders

Implementation of Railway Services (Revised Pay) Rules, 2016

Computer Advance Interest Rate 2022-23 for Railway Employees

Eligibility of married disabled child for family pension – Railway Board order

Grant of Leave to Probationary officers: Railway Board

Productivity Linked Bonus to all eligible non-gazetted Railway employees for 2020-2021

Categories

Copyright © 2023