Before filing an ITR, there are a few things to keep in mind.
For taxpayers, submitting an income tax return (ITR) is a must-do chore. In recent years, an increasing number of income taxpayers in the country have begun filing ITRs, offering assistance to the tax department.
The government has suggested a number of new income tax policies in the Union Budget 2022. Taxpayers must read through these measures and understand the details.
TAX ON CRYPTOCURRENCY
According to Revenue Secretary Tarun Bajaj, income tax return forms would include a distinct section for disclosing cryptocurrency gains and paying taxes starting next year.
From April 1, the government would levy a 30% tax, plus cess and surcharges, on such transactions, in the same way as it does on horse racing winnings or other speculative trades.
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JB Mohapatra, head of the Central Board of Direct Taxes (CBDT), stated that “taxability of crypto-currency is certain for this financial year as well.” Investors in cryptocurrencies should be aware that transactions made before April 2022 would not be tax-free, according to him.
TAXPAYERS HAVE TWO YEARS TO FILE AN UPDATED ITR.
The government has proposed allowing taxpayers to file an updated return on additional tax payment within two years after the end of the applicable assessment year.
This, said to Finance Minister Nirmala Sitharaman, will allow taxpayers to remedy any omissions or errors in appropriately assessing their income for tax payment.
She noted that while the department currently goes through a lengthy adjudication procedure if it discovers that some revenue has been omitted by the assessee, the new approach would restore faith in the taxpayer.
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TAX EXEMPTIONS FOR DISABLED PEOPLE
Only if a lump sum payment or annuity is offered to the differently abled person upon the subscriber’s death is the parent or guardian eligible for a tax deduction when they purchase an insurance plan for the differently abled person.
The government proposed in Budget 2022 to allow payment of an annuity and lump sum amount to differently-abled dependents during the lifetime of parents/guardians, if subscribers reach the age of sixty.
EMPLOYEES OF THE GOVERNMENT GET A TAX REFUND
To bring state government employees’ social security benefits up to par with those of central government employees, the government has suggested raising the tax deduction limit on an employer’s contribution to a state government employee’s National Pension System (NPS) account from 10% to 14%.
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