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Budget 2022-23 - Quick Updates

CS Swati D Rawat
Minimum Alternate Tax reduction for cooperatives leads to lower tax burden and extended window for filing updated returns. Budget 2022-23 reduces Minimum Alternate Tax for cooperative societies, extends start up tax incentives by one year, lowers the concessional corporate tax rate, prescribes a rate for long term capital gains, and imposes a standalone tax on transfers of specified digital assets permitting only cost of acquisition as a deduction. (AI Summary)

New Budget so far 

  1. 2 lakhs crores additional help for MSMEs.
  2. Public Issue of LIC is expected shortly.
  3. Credit-Linked Guarantee Scheme extended till March 2023.
  4. One class-one TV channel and 200 TV channels to provide education in all Regional languages.
  5. A Digital University will be set up for higher education.
  6. 80 Lakhs homes to be completed under PM Aawas Yojna.
  7. Maximum Governance, minimum Government  - Doing business Easily 2.0 to be launched.
  8. E-Passports introduction - Using embedded chip to be rolled out in 2022.
  9. Green Clearance Portal scope to be expanded.

Direct Tax:

  • Minimum Alternate Tax for cooperatives reduced to 15%
  • Updated Return can be filed within 2 years from the end of relevant assessment year.
  • Tax incentives for new start ups extended by 1 year.
  • Corporate Tax reduced to 15% from 18%
  • Long term capital gains to be taxed at 15 %
  • 30% tax on vertical digital asset after deducting the cost of acquisition, no other deductions permitted
Budget - Tax Proposals
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