Budget 2022 personal taxation proposals and how they will impact taxpayers

Union Budget 2022 has brought tax relief for those who invest in capital assets other than equity funds and listed stocks. The surcharge on the tax payable on long-term gains from these capital assets-property, unlisted shares, artifacts-would be capped at 15%. The Budget also gives taxpayers the chance to correct mistakes made in reporting income while filing returns even as it clamps down on getting away with undisclosed income.

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