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Home > Income Tax > Help Center > Budget 2022 > Top 10 FAQs Last Updated: Sep 10th 2022

Indian Budget 2022 | Top 10 frequent questions

Interestingly, on the surface there are no major tax law changes from Indian Budget 2022, but many announcements as a whole to bring back the economy on it's wheels. Document covers Top 10 frequent questions from the perspective of a normal tax payer.

Top 10 frequently asked questions on Indian Budget 2022
1.I am a Salaried person, are there are any changes in Tax Rates in Budget 2022 applicable for FY 2022-23?

There are NO major changes in tax rates or increase in Deductions or allowances for FY 2022-23. The Tax rates which were proposed by Budget 2020 are applicable for FY 2022-23 also. Taxpayers can follow either old regime with deductions or the new tax slabs without deductions similar to previous financial years

Know more about Difference between Old Tax Regime and New Tax Regime.

Know your Tax exposure using Income Tax Calculator for FY 2022-23

2.Are there any changes in Deduction under Chapter VIA?

There are no major changes in Chapter VIA deduction. The only change is in Section 80DD.Now the parents /guardian can claim deduction u/s 80DD if they take a Life Insurance policy even on the payment of Lumpsum amount or annuity to disabled dependants during the lifetime of Parents/guardian attaining the age of 60 years

Earlier the deduction was allowed only if the lumpsum or annuity received by disabled people only after death of parents or guardian

3.I heard that the returns can be filed upto 2 years. Can I file the returns even if miss deadline or revise the returns?

Yes, it is partially true. Now the taxpayers can file updated returns on payment of additional tax. Updated returns can be filed within 2 years from the end of relevant assessment year. Updated returns cannot be filed in following situations

  1. Updated returns cannot be filed if there is loss
  2. Updated returns cannot be filed if it has the effect of decreasing the tax liability which was already filed in earlier income tax returns
  3. Updated returns cannot be filed if it results in refund or increase in refund which was already filed in earlier income tax returns
4.Are there any changes proposed for Non-Resident Indians (NRI's) in Budget 2022?

No changes or new rules has been notified in Budget 2022 for NRI's .

5.What is the taxation on transfer of Virtual Digital Assets?

Budget 2022 has ended the long-awaited suspense on Cryptos due to it's spread in Indian society with an announcement of new Digital Rupee initiative that would be regulated by RBI

As per Budget 2022, any income from transfer of virtual digital asset will be taxed @ 30%. No Deduction in respect of expenditure except purchase cost is allowed. Losses from transfer of virtual digital asset cannot be adjusted against any other income

More on Virtual Digital Assets or Cryptos or Cryptocurrencies @

  1. How Bitcoins Taxed in India?
  2. Trading Bitcoins? Top 7 things to know
  3. Cryptocurrency Income Tax Filing Service Plan & Pricing

6.What are the changes proposed in GST in Budget FY 2022-23?

There are no such major changes in GST. Rationalisation in GST slab rates to promote some, and discourage import-oriented goods and / or services is missing in GST

7.Are there are any benefits introduced for Start-ups?

The Period of incorporation of eligible start-up is extended by 1 more year i.e., 31st Mar 2023. Start-ups incorporated before 31st Mar 2023 can get the tax incentives for 3 consecutive years out of ten years from incorporation

8.What are the major changes proposed in Customs for FY 2022-23?

Customs Duty rationalisation to promote domestic production. Promoting domestic manufacturing and helping India get onto global value chain and export better. Following are some proposed changes

  1. Reforms in Customs Administration of SEZ to be introduced. This will ease doing business by SEZ units Considerably
  2. Customs duty exemption to steel scrap will be extended
  3. Unblended fuel will attract additional differential excise duty
  4. Duty on umbrellas is being raised to 20 percent
  5. Customs duty on cut and polished diamonds and gemstones is being reduced to 5 percent. Simply sawn diamond would attract nil customs duty
  6. To disincentivise import of undervalued imitation jewellery, the customs duty on imitation jewellery is being prescribed in a manner that a duty of at least 400 per Kg is paid on its import
9.What are the changes in Company related matters (Corporate Affairs) as per Budget 2022?

Budget 2022 has not proposed any changes in corporate affairs. Earlier rules are applicable for current year also

10.Are there any changes in taxation for Long Term capital Gains?

There is no change in tax rates applicable on Long Term Capital gains. Surcharge is capped @ 15% on long term capital gains arising on transfer of any assets. This step will boost the start-up community

Indian Budget 2022 Presentation, Analysis

More emphasis on Infrastructure spending, raised customs duty to create jobs. No new changes to Taxes (Income Tax & GST)

more @ Indian Budget 2022 Presentation, Analysis
Indian Budget 2022 Presentation, Analysis

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Disclaimer: This article provides an overview and general guidance, not exhaustive for brevity. Please refer Income Tax Act, GST Act, Companies Act and other tax compliance acts, Rules, and Notifications for details.