Income Tax – Latest Updates, Basics, Tax Slabs, Income Tax Department & Laws – Income Tax Guide 2022-23

What is Income Tax? Income tax is a type of direct tax the central government charges on the income earned during a financial year by individuals and businesses. It is calculated based on the tax slabs defined by Income Tax Department.

What’s New in Income Tax

• 02 May 2022 – CBDT notifies form for filing the ‘Updated’ income tax returns

• 27 April 2022 – Form 26A, Form 27BA, Form 10BD & Form 10BE are available on the income tax portal.

• 20 April 2022 – Income Tax Portal announced that UDIN update functionality is enabled for Forms filed from June 2021 onwards.

Budget 2022 Updates

• New provision is introduced to allow taxpayers to update the past return and include omitted income by additional tax payment.
• Income from transfer of digital assets such as crypto to be taxed at 30%.
• The surcharge on the long-term capital gains (LTCG) has been capped at 15%