New Delhi – Taxpayers will be Able to Update their Annual Return for Two Years

Budget 2022: Income Taxpayers will be able to rectify ITR flaws for 2 years, tax exemption on NPS up to 14 percent
The Finance Minister has taken some measures to give relief to the taxpayers. The Finance Minister has taken some measures to give relief to the taxpayers.

Finance Minister Nirmala Sitharaman has given many exemptions through the budget to the income tax payers who have been waiting for relief for eight years. Its effect will also be seen on strengthening social security along with their savings. This step will also enable taxpayers to pay taxes honestly.

New Delhi – Taxpayers will be able to update their annual return for two years and make changes if there is any mistake. Through this they can also pay their outstanding taxes. For this, the government will soon issue a new IT Return Portal.

The tax on cooperativeLumpsum received on insurance for the parent of a disabled person is excluded from tax. It also includes annuity. This will be applicable till the age of 60 years.

Apart from this, 14 percent tax exemption on NPS will be available on the participation of the employer, which is 10 percent till now.

Relief to stock and mutual fund investors
The Finance Minister has capped the surcharge on the returns earned by investing in stocks and mutual funds. Now investors will not have to pay more than 15 per cent surcharge on Long Term Capital Gains (LTCG). This will further increase the real benefit of returns.

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Budget 2022: Income Taxpayers will be able to rectify ITR flaws for 2 years, tax exemption on NPS up to 14 percent The Finance Minister has taken some measures to give relief to the taxpayers

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