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Central Finance Minister: No change in the Taxable income limit!
Posted on: 01/Feb/2022 4:22:39 PM
In the central budget presented, it is also mentioned that the IT Concessions will be extended until March 2023 for all Industrial Organisations in the country.
In the Budget presented by the central government today (Tuesday, 1st February) at the parliament, it is mentioned:
- There is no change in the maximum limit for the individual income.
- 30% Tax on transaction of Virtual Digital Properties
- In case of transfer of the Virtual Digital Properties above the limit, 1% Deduction is allowed as TDS (Tax Deducted at Source)
- 30% Tax on earnings from cryptocurrency dealings
- State Government Employees will be given tax exemption on the contribution of NPS from 10% to 14%.
- No change in the individual maximum taxable income limit.
- 15% Corporate Tax Concession for the newly enrolled manufacturing organisations extended by another 1 year.
- Start-Up Organisations to be given tax concessions extended until 31st March 2023
- Central Government proposes that the Alternative Tax for the Cooperative Societies be reduced to 15% as in the case of the Corporate Organisations.
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