New Delhi: In the new budget Finance Minister Nirmala Sitharaman did not announced any new changes in the tax slab, for personal income tax category. Some developmental changes were expected in the budget in the current income tax regime, but, no significant change was announced.
Sitharaman also announced that the taxpayers can now update I-T returns within two years.
“To provide an opportunity to correct an error, taxpayers can now file an updated return within two years from the relevant assessment year,” said Sitharaman.
The Finance Minister said,” Any income from the transfer of virtual digital assets will be taxed at 30 per cent. Tax on gift of such assets to be paid by recipient.”
Speaking of tax for cooperative societies she said, “Tax for cooperative societies has been reduced to 15% to provide a level playing field between cooperatives and corporates. Surcharge on cooperatives reduced to 7%.”
Finance Minister Nirmala Sitharaman’s fourt budget aims at maintaining the world’s fastest-growing economy tag for India.
The budget comes days before the first phase of voting in Uttar Pradesh, which along with four other states is going to the polls to elect a new state government.
Indian economy is estimated to expand 9.2 per cent in the fiscal year that ends in March, following a contraction of 7.3 per cent in the previous fiscal.
INCOME TAX RATES AS PER NEW REGIME
Up to Rs.2.5 lakh – Nil
Above Rs.2.50 – Rs.5 lakh – 5% of the total income that is more than Rs.2.5 lakh
Above Rs.5 lakh – Rs.7.50 lakh – 10% of the total income that is more than Rs.5 lakh + Rs.12,500
Above Rs.7.50 lakh – Rs.10 lakh – 15% of the total income that is more than Rs.7.5 lakh + Rs.37,500
Above Rs.10 lakh – Rs.12.50 lakh – 20% of the total income that is more than Rs.10 lakh + Rs.75,000
Above Rs.12.50 – Rs.15 lakh – 25% of the total income that is more than Rs.12.5 lakh + Rs.1,25,000
Above Rs.15 lakh – 30% of the total income that is more than Rs.15 lakh + Rs.1,87,500
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