Highlights of Union Budget 2022
The Union Budget 2022 was proposed by Finance Minister Nirmala Sitharaman this Tuesday. This is her 4th straight Union Budget when she presents financial statements and tax proposals for the fiscal year 2022–23 (April 2022 to March 2023). This year’s budget is said to have come as a disappointment to salaried taxpayers, as little to no changes were brought into effect in terms of income tax Here are the highlights of direct and indirect tax proposals from Sitharaman’s Budget speech, and an explanation and analysis of it. Direct Tax proposals No changes in Income tax slab rates There were no major changes in income tax slabs in Budget 2022. However, the government did allow a two-year window for taxpayers to correct their filings for a particular assessment year. Updated IT return The government has proposed to provide a one-time window to correct omissions in income tax returns (ITRs) filed. Taxpayers are allowed to file updated returns within two years of the filed IT Return. Introduc...