Budget 2022: Income Tax Changes

On February 1, in her budget speech, Finance Minister Nirmala Sitharaman announced that a taxpayer can file an updated return on payment of taxes within two years from the end of the relevant assessment year. She proposed that transfer of virtual/cryptocurrency assets will be taxed at 30 per cent. She proposed that tax deduction limit for state government employees' contribution to the National Pension Scheme (NPS) will be raised to 14% from 10%. The Finance Minister did not propose any changes to the income tax slabs. Watch the video to know more.