The President on 30 March, 2022 has assented the Finance Bill, 2022 to give effect to Budget, 2022. The Budget proposes following corporate tax proposals:
- Proposal to cap the surcharge on long term capital gains arising on transfer of any type of assets at 15 per cent.
- Cap the surcharge on long term capital gains arising on transfer of any type of assets at 15 per cent.
- There is a tendency on businesses to pass on benefits to their agents. In order to track such transactions, it is proposed to provide for tax deduction by the person giving benefits, if the aggregate value of such benefits exceeds` 20,000 during the financial year.
- Cooperative societies are required to pay Alternate Minimum Tax at reduced rate of fifteen per cent. Reduced surcharge on co-operative societies from present 12 per cent to 7 per cent for those having total income of more than ` 1 crore and up to ` 10 crores.
