Though the government has not announced any reduction in income tax slabs, these following announcements will make tax payment easier. The government will give a one-time opportunity to rectify the default in the already filed ITR with a fresh return within two years. For companies to qualify for tax benefits, the government will extend the time of incorporation by one year, until March 31, 2023. The government proposes to increase the tax deduction for state government contribution to NPS from 10% to 14%. 305 tax on income derived from the transfer of virtual digital assets; No deduction for expenses other than purchase cost; Losses cannot be compensated.
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