An important amendment to the Central Goods and Services Tax Act is in Section 16, 34, 37, 39 and 52. Brought forward loss cannot be set off against undisclosed income detected during any survey or search.Any surcharge and cess levied on income are not allowed as business expenditure.The parent/guardian of the differently-abled can get a tax deduction on payment of the annuity or lump sum during the lifetime of parent or guardian, once the parent or guardian has attained 60 years.To bring parity between Central and state government employees, the Finance Ministry proposed to increase the threshold of employers contribution to the National Pension Scheme (NPS) Tier-I account from 10% to 14%.Gifting of digital assets will also be taxable in the hands of the receiver. TDS at 1% will be levied above the threshold. Loss on sale of digital assets cannot be set off against any other income. No deductions will be allowed except the cost of acquisition of digital assets. Income from transfer of digital assets such as crypto to be taxed at 30%.Alternate Minimum Tax (AMT) to be reduced to 15% for co-operative societies.Corporate surcharge to be reduced from 12% to 7%.Eligible startups incorporated under Section 80-IAC will now get tax benefits until March 31, 2023. The tax incentive period is extended by one year for startups.The updated return can be filed within two years from the end of the relevant assessment year. A new provision is introduced to allow taxpayers to update the past return and include omitted income by additional tax payment.
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