Budget 2022: Decoding The Tax Implications

In Budget 2022, there's no change in income tax slabs, updated returns can be filed within a period of two years, there are measures to reduce litigation on repetitive tax appeals, there's a deduction limit for state government employees to NPS raised from 10 per cent to 14 per cent. There's also a minimum alternate tax for co-operatives cut to 15 per cent from 18.5 per cent, there's a drop on surcharge on corporate tax from 12 per cent to seven per cent. Tax exemptions to start-ups have been extended to March 2023 and long-term capital gains surcharge have been capped at 15 per cent.