What are the tax implication in Indian stock market (2022- 2023)?

 

  • The basic income tax filing online exemption limit, income brackets ("slabs"), and tax rates are all unaffected.

  • The rate of surcharge on all long-term capital assets will be capped at 15%.

  • With the help of income tax help desk, Taxpayers would be able to file updated tax returns within two years following the end of the assessment year, subject to the payment of additional taxes and the fulfillment of specified requirements.

  • The time limit for qualified start-ups to incorporate for certain tax advantages has been extended by one year.

  • Additionally, newly created manufacturing businesses would be given an additional year to begin producing in order to qualify for the concessionary tax regime.

  • The income earned from the transfer of virtual assets would be taxed at a 30% rate.

  • The 15 percent tax break on foreign dividends would be eliminated.


Date 1 April 2022

Virtual currency is a digital representation of value, other than a representation of the U.S. dollar or a foreign currency (“real currency”), that functions as a unit of account, a store of value, and a medium of exchange. 


Virtual currency is treated as property and general tax principles applicable to property transactions apply to transactions using virtual currency.  For more information on the tax treatment of virtual currency, see Notice 2014-21. 


Flat 30% tax will apply on profit from transfer or sale of digital assets including crypto and NFTs from next financial year (FY 2022-23). 

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