{"id":292,"date":"2022-02-03T12:46:04","date_gmt":"2022-02-03T12:46:04","guid":{"rendered":"http:\/\/scbc.co\/blog\/?p=292"},"modified":"2024-03-12T10:04:18","modified_gmt":"2024-03-12T10:04:18","slug":"highlights-of-union-budget-2022-23","status":"publish","type":"post","link":"https:\/\/scbc.co\/blog\/index.php\/highlights-of-union-budget-2022-23\/","title":{"rendered":"Key Highlights of Union Budget 2022-23"},"content":{"rendered":"<p>The Union Budget seeks to complement macro-economic level growth with a focus on micro-economic level all inclusive welfare. The Union Minister for Finance &amp; Corporate Affairs, Smt Nirmala Sitharaman tabled the Union Budget 2022-23 in Parliament today.<\/p>\n<p><strong>The key highlights of the budget are as follows:<\/strong><\/p>\n<ul>\n<li><strong>No change in Income Tax Slab during the Financial Year 2022-23.<\/strong><\/li>\n<li><strong>Income from the transfer of virtual digital asset shall be taxes at 30% with no deduction of expenses.<\/strong><\/li>\n<li><strong>Tax rates for co-operative societies slashed to 15%, while start-ups are set to get one year of tax incentives<\/strong><\/li>\n<li><strong>till March 31, 2023<\/strong><\/li>\n<li><strong>Alternate minimum tax for cooperative societies down from 18.5% to 15%<\/strong><\/li>\n<li><strong>Updated tax returns can be filed in 2 years from the end of the assessment year and incomes that might have been missed out can be declared (New provision to file updated return within 2 years of relevant<\/strong><\/li>\n<li><strong>assessment year)<\/strong><\/li>\n<li><strong>Tax deduction limit for State Govt employees to NPS raised from 10% to 14%<\/strong><\/li>\n<li><strong>Surcharge on Corporate tax pruned from 12% to 7%<\/strong><\/li>\n<li><strong>Surcharge on transfer of long-term capital gains tax capped at 15%<\/strong><\/li>\n<li><strong>Tax exemption to start-ups extended to March 2023.<\/strong><\/li>\n<li><strong>Gift of Virtual Digital Assets to be taxes at receiver\u2019s end.<\/strong><\/li>\n<li><strong>Surcharge on long term capital gain is capped at 15%<\/strong><\/li>\n<li><strong>No benefit of set-off of loss allowable on income discovered during search and seizure<\/strong><\/li>\n<li><strong>Surcharge or cess is not allowable as business expenditure<\/strong><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Union Budget seeks to complement macro-economic level growth with a focus on micro-economic level all inclusive welfare. The Union Minister for Finance &amp; Corporate Affairs, Smt Nirmala Sitharaman tabled the Union Budget 2022-23 in Parliament today. The key highlights of the budget are as follows: No change in Income Tax Slab during the Financial &hellip; <\/p>\n","protected":false},"author":1,"featured_media":293,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[29],"tags":[169],"_links":{"self":[{"href":"https:\/\/scbc.co\/blog\/index.php\/wp-json\/wp\/v2\/posts\/292"}],"collection":[{"href":"https:\/\/scbc.co\/blog\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/scbc.co\/blog\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/scbc.co\/blog\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/scbc.co\/blog\/index.php\/wp-json\/wp\/v2\/comments?post=292"}],"version-history":[{"count":1,"href":"https:\/\/scbc.co\/blog\/index.php\/wp-json\/wp\/v2\/posts\/292\/revisions"}],"predecessor-version":[{"id":294,"href":"https:\/\/scbc.co\/blog\/index.php\/wp-json\/wp\/v2\/posts\/292\/revisions\/294"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/scbc.co\/blog\/index.php\/wp-json\/wp\/v2\/media\/293"}],"wp:attachment":[{"href":"https:\/\/scbc.co\/blog\/index.php\/wp-json\/wp\/v2\/media?parent=292"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/scbc.co\/blog\/index.php\/wp-json\/wp\/v2\/categories?post=292"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/scbc.co\/blog\/index.php\/wp-json\/wp\/v2\/tags?post=292"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}