Aurtus - Union Budget 2022 - Highlights
Direct Tax Proposals
Changes in Tax Rates for AY 2023-24
Surcharge on income in the nature of long-term capital gains chargeable to tax under section 112 of Income-Tax Act, 1961 (‘the IT Act’) (largely impacting transfer of capital assets such as shares of unlisted or private limited companies, immovable properties, etc.) proposed to be capped at 15%
In case of an Association of Persons (AOP) consisting of only companies as its members, the rate of surcharge proposed to be capped at 15%
In case of a co-operative society, alternative minimum tax proposed to be reduced to 15% from18.5%. Further, surcharge on income of co-operative society proposed to be rationalized to 7% on income exceeding INR 1 crore but not exceeding INR 10 crore. On income above INR 10 crores, surcharge to be levied at 12%.
