If there is a mistake in tax calculation, then the government will give a chance to rectify the mistake

Budget Income Tax Announcement: The Central Government has given facilities to the taxpayers in the budget 2022-23. If any mistake is made in the calculation while filing the return (ITR) from a taxpayer, now he will get two years to rectify the same. Finance Minister Nirmala Sitharaman announced this while presenting the budget in Parliament.

Presenting his fourth budget, the Finance Minister said that a provision has been made for the taxpayers to file the updated ITR. Taxpayers can file updated returns for the next 2 years from the last day of any assessment year. This means that if you have filed the return for 2021-22 and want to change something in it, then for this updated return can be filed till 2023-24.

Apart from this, he also announced to increase the limit of tax deduction on government contribution in the NPS account for the employees of the state governments. Now this deduction limit has increased to 14 percent. Now for the employees of the state governments also this exemption has become equal to the employees of the central government.

The government has decided to impose tax on digital assets for the first time. This means that the income earned from the transfer of cryptocurrency will now have to be taxed. A proposal to impose a hefty tax of 30 percent on them has been made in the budget. TDS will also be deducted at the rate of 1 percent on transactions above a limit. Tax has also been provided for gifting assets like cryptocurrencies.