Budget 2022-23: No change in Income Tax slabs, give attention to ease of compliance in Direct Tax

Finance Minister Nirmala Sitharaman introduced the Union Budget 2022-23 on Tuesday. She introduced a number of direct tax reforms in her finances speech.
The theme for the direct tax proposal within the Union Budget 2022-23 was the simplification of the tax administration, ease of compliance and reduction to disabled and senior residents. The key facets of the direct tax proposals impacting particular person taxpayers are mentioned under.
Direct Tax Proposals:
In a big reform to tax compliance, Finance Minister Sitharaman introduced {that a} new provision could be launched to supply a chance to taxpayers to file the up to date returns, on fee of extra tax, inside two years of the tip of the related evaluation 12 months.
Finance Minister Sitharaman additionally proposed to chop the Alternate Minimum Tax for cooperative societies to fifteen% to supply them with a stage enjoying discipline with corporations. In addition, this proposal will lower the surcharge on cooperative societies to 7% for these whose earnings is between Rs 1 crore and Rs 10 crore.
FM Sitharaman didn’t announce any change in earnings tax slabs for 2022-23. There aren’t any modifications in slabs or charges and no modifications in deductions besides NPS. Further, Long Time Capital Gains surcharge is capped at 15% for unlisted belongings.
In her finances speech, the Finance Minister additionally introduced to permit fee annuity and lump-sum quantity to dependents of differently-abled, through the lifetime of mother or father or guardian reaching 60 years.
In a primary, the Union authorities additionally introduced a tax on earnings derived from digital belongings. Finance Minister Sitharaman proposed that the federal government tax earnings from digital asset transfers at 30%.
The Finance Minister additionally mentioned that no deduction is allowed whereas computing earnings besides the price of acquisition.
TDS of 1% on the fee made for the switch of a digital digital asset, above a financial threshold, introduced Finance Minister. The presents of digital belongings will probably be taxed within the arms of the recipient, Nirmala Sitharaman mentioned.
The Finance Minister mentioned that the company surcharge could be decreased from 12% to 7%.  
Earlier, she additionally introduced that the federal government would introduce Digital Rupee utilizing blockchain and different applied sciences, which is to be issued by RBI beginning 2022-23.
In her speech, Finance Minister Nirmala Sitharaman mentioned that the Union Budget sought to put the muse and provides a blueprint of the financial system over ‘Amrit Kal’ of the subsequent 25 years – from India at 75 to India at 100.