What Budget 2022 holds for the individual taxpayer and the investor

While there was no change in the slabs and no deductions whatsoever, there was some relief for taxpayers who make a mistake in filing income-tax

Individual taxpayers were hopeful that the finance minister (FM) would provide some tax relief by changing the tax slabs or offering higher deduction under Section 80C, 80D, or Section 24. None of those hopes materialised. However, there was some relief for taxpayers who make a mistake in filing income-tax. Investors in cryptos will also breathe easy. Now that the FM has clarified how cryptos will be taxed, the fear that these digital assets could be banned will no longer be there. State government employees also stand to gain by enjoying higher deduction on their employer’s contribution.

Updated tax return

The Income-Tax Department