Finance Minister Nirmala Sitharaman, while presenting the Union Budget 2022, introduced an updated returns filing system.
She said, “To provide an opportunity to correct an error, taxpayers can now file updated returns within two years from the relevant assessment year.”
Finance Minister Nirmala Sitharaman presented her fourth Budget that is aimed 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.
Tax for cooperative societies reduced to 15%
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%.
