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The Union Finance minister has recommended certain changes in the Finance Bill, 2022 through Union Budget 2022-23 relating to personal taxation. There were expectations that the Government will introduce certain tax breaks in personal taxation owing to the losses faced by people in the pandemic. However, the budget of 2022 kept its focus on providing stability to the taxpayers and encouraging the taxpayers to make voluntary compliances. Further, the Union Finance Minister did put to rest the issue of taxation of cryptocurrecy. Following are some of the significant changes relating to the personal taxation relating individual taxpayers introduced in the budget of 2022.
The Finance Bill, 2022 has made the following changes in relation to personal taxation:
While the expectations of huge tax reliefs on personal taxes are not met in the Union Budget of 2022, it can be said that the budget has provided tax stability to the tax payers and encouraged to make voluntary compliances. This is reflected in providing the taxpayers option to file an updated return to the taxpayer, taxes on digital virtual currency, policy of litigation management, reduction in surcharge on LTCG on all long term capital assets, tax relief under 80DD for parents or guardians of persons with disabilities and exemptions on amounts received as aid for medical treatment against Covid.
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Prabhat has done his BA LLB (Hons) and has been writing research papers since his law school days. His interest in content writing made him pursue a career in legal research and content writing. His core areas of interest are indirect taxes, finance and real estate.
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