<h1>Finance Act 2022: virtual digital assets taxed at 30%, stricter charity compliance, faceless assessment expanded.</h1> The Finance Act, 2022 revises income tax chargeability, surcharge bands and adds a 4% Health and Education Cess; defines 'virtual digital asset' and taxes transfers of such assets at 30% with only cost of acquisition allowed and no carry forward of losses; tightens trust and institutional compliance by amending sections on registration, corpus, accumulation, audit and cancellation of approvals; creates a 24 month updated return regime with required tax payment and additional income tax for delays; expands faceless assessment architecture and prescribes electronic process, video hearings and automated workflows; and updates customs/excise tariff rates and classifications.