https://www.taxtmi.com/news?id=25018 The Budget permits taxpayers to file an updated income tax return within two years from the end of the relevant assessment year on payment of additional tax to correct omitted income. It proposes expanded relief for dependants with disabilities allowing annuity or lump sum payments during parents' lifetime, increases the employer contribution deduction for State government employees' NPS accounts to align with central employees, establishes a taxation regime for virtual digital assets with restricted deductions, non setoff of losses, TDS on transfer payments, and taxes gifts of such assets, and defers departmental appeals where an identical legal question is pending before higher courts. en-us Tue, 01 Feb 2022 13:05:17 +0530 Tue, 01 Feb 2022 13:05:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=25018 The Budget permits taxpayers to file an updated income tax return within two years from the end of the relevant assessment year on payment of additional tax to correct omitted income. It proposes expanded relief for dependants with disabilities allowing annuity or lump sum payments during parents' lifetime, increases the employer contribution deduction for State government employees' NPS accounts to align with central employees, establishes a taxation regime for virtual digital assets with restricted deductions, non setoff of losses, TDS on transfer payments, and taxes gifts of such assets, and defers departmental appeals where an identical legal question is pending before higher courts. News - Tue, 01 Feb 2022 13:05:17 +0530 https://www.taxtmi.com/news?id=25018