Budget 2022: Taxpayers disappointed, no relief in Income Tax slabs

Though the government has not announced any reduction in the Income-tax slabs, these following announcements will simplify tax paying. The government will allow a one-time chance to amend omissions in previously filed ITRs, with new returns due within two years. For companies to qualify for tax advantages, the government will prolong the time of incorporation by one year, until March 31, 2023. The government proposes raising the tax deduction for state government contributions to NPS from 10% to 14%. 305 tax on income derived from the transfer of virtual digital assets; no deductions for expenses other than purchase costs; loss cannot be offset.