New Delhi, Feb 1 (KNN) The personal income tax slabs and rates have seen no changes in the Union Budget 2022-23. 

Tax deduction will be allowed on employer’s contribution up to 14 per cent for state government employees, said finance minister Nirmala Sitaraman. 

In view of tax relief to persons with disability, the Government will allow the payment of annuity and lump sum amount to the differently abled dependent during the lifetime of parents/guardians, on subscribers attaining the age of sixty years.

To maintain parity between Employees of State and Central Government, it is proposed to increase the tax deduction limit to 14 per cent from 10 per cent on employer’s contribution to the NPS account of State Government employees.

For Taxation of Virtual Digital Assets, the government announced that any income from transfer of any virtual digital asset shall be taxed at the rate of 30 per cent. 

The finance minister said that the scheme would not allow any deduction in respect of any expenditure or allowance while computing such income except cost of acquisition. 

The minister also added that in order to capture the transaction details, the Government would also make a provision to provide for TDS on payment made in relation to transfer of virtual digital asset at the rate of 1 per cent of such consideration above a monetary threshold. 

She spoke about the multiple financial transactions people are undertaking in India. 

The union budget also announced that Post Office accountholders will be able to make online transactions and even transfer money to other bank accounts through net banking.

To correct errors a new provision permitting taxpayers to file an Updated Return on payment of additional within two years from the end of the relevant assessment year has been announced.