New Delhi: Finance Minister Nirmala Sitharaman has presented the Union Budget. This budget has left the common man disappointed. Actually, he hoped that the government would give relief in the Income Tax Slab-Budget 2022 but this has not happened. In such a situation, you will have to pay tax according to the system of income tax that is in place now. The Finance Minister has also announced to reduce corporate tax. Tax relief has also been given to the differently-abled in the budget.
It should be noted that the Center has not made any changes in the tax slabs. Due to this only annual income up to Rs, 2.5 lakh will be tax-free. But the Finance Minister has announced reforms in the tax transaction system. Under the decision of the government, now you will get a system to update your income tax return two years old. It may be noted that the Center levies income tax at the rate of 5 percent on the income of Rs 2.5 lakh to Rs 5 lakh, but waives this tax under section 87A of the IT Act.
In this budget, the interest received on PF was also included in the taxable income. Also, there is no need for those who are above 75 years of age to file tax returns.
At the same time, the government has given a big facility to the taxpayers. According to this, if any mistake is made in the calculation while filing a return from a taxpayer, then now two years will be given to rectify it. Finance Minister of the country Nirmala Sitharaman has announced this while presenting the budget in Parliament. The government has now made provisions for filing updated returns for taxpayers. Under which taxpayers will now be able to file updated returns for the next two years from the last day of any assessment year.
