1. New updated Return will be implemented – Updated return can be filed within 2 years from the end of the Assessment year

2. Reduced MAT/AMT for Co-operatives – Reduce rate of Co-op Societies to 15% – The surcharge is reduced from 15% to 12% for those having income between Rs.1 Crore to Rs.10 Crore

3. The payment of annuity and lumpsum amount for Parents/Guardian is made availalble.

4. NPS Contribution – The tax deduction limit increased at par with Central Govt. Employees for state Govt. Employees

5. Incentives for start-up: Tax Incentive – Period extended till 31.3.2023

6. Manufacturing Companies – Commencement of production – Period extended till 31.03.2024

7. Virtual Digital Asset: 30% tax rate. Only Cost of acquisition can be deducted. No carry forward of loss. TDS implemented. 

8. LTCG Maximimum Surcharge capped to 15%

9. Surcharge/Cess on income is not allowable as expenditure

10. Undisclosed cannot be setoff against brought forward loss in case of search and survey cased