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Union Budget 2022 Taxpayers can file an updated return within 2 years

By FnF Correspondent | PUBLISHED: 01, Feb 2022, 12:23 pm IST | UPDATED: 01, Feb 2022, 12:27 pm IST

Union Budget 2022 Taxpayers can file an updated return within 2 years

New Delhi: Finance Minister Nirmala Sitharaman has started reading her Budget speech in the Parliament.

This is Sitharaman's fourth straight Union Budget when she presents financial statements and tax proposals for fiscal year 2022-23 (April 2022 to March 2023).  The Budget Session of the parliament commenced from January 31 with President Ram Nath Kovind`s address. The first part of the Budget Session of Parliament will be held from January 31 to February 11 and the second part will take place from March 14 to April 8. 

Both Centre and States govt employees' tax deduction limit to be increased from 10% to 14% to help the social security benefits of state govt employees and bring them at par with the Central govt employees: FM Nirmala Sitharaman

 FM Nirmala Sitharaman announces to provide an opportunity to correct an error, taxpayers can now file an updated return within 2 years from the relevant assessment year

FY23 fiscal deficit pegged at 6.4% Of GDP. FY22 fiscal deficit pegged at 6.9% of GDP

 For 2022-23,allocation is Rs 1 lakh cr to assist the states in catalyzing overall investments in economy. These 50-yr interest-free loans are over&above normal borrowings allowed to states. It'll be used for PM Gati Shakti-related&other productive capital investments of states:FM
 

To facilitate domestic manufacturing for ambitious goal of 280 GW of installed solar capacity by 2030, addl allocation of Rs 19,500 cr for PLI for manufacturing of high-efficiency modules with priority to fully integrate manufacturing units to solar PV modules will be made: FM