Union Budget 2022: FM Nirmala Sitharaman Proposes Increase Of Employees' Tax Deduction Limit To 14%

While presenting the Union Budget, Nirmala Sitharaman proposed that both Centre and states govt employees’ tax deduction limit should 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.

She added, “Corporate surcharge to be reduced from 12% to 7%. I propose to provide that any income from transfer of any virtual digital asset shall be taxed at the rate of 30%. No deduction in respect of any expenditure or allowance shall be allowed while computing such income, except cost of acquisition.”

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