1. Introduction of new provision for updating return upon payment of additional tax within 2 years from the end of relevant AY.
2. A level playing field for co-operative societies and companies, MAT rate for co-operative societies reduced from 18.5% to 15%.
3. Reduction in surcharge on cooperatives in respect of total income between Rs.1 Cr and Rs. 10 Cr. from 10% to 7%
4. Extension of deadline for setting up startup for availing tax benefits extended by one year
5. Concessional tax regime u/s 115BAB for new manufacturing companies extended by one year
6. Introduction of specific tax regime for taxing Virtual Digital Assets.
7. Gains from transfer of Virtual Digital Assets to be taxed @ 30%. No deduction other than cost of acquisition allowable while computing gains.
8. Loss on sale of virtual digital assets not allowed to be set off.
9. Gift of virtual digital assets taxable in hands of recipient.
10. Litigation management system to be introduced to avoid repetitive appeals involving identical issues. Revenue shall defer from filing appeals against an Assessee until the substantial question of law is decided by the jurisdictional High Court or the Supreme Court.
11. GIFT City to have an international arbitration centre, world-class university, scientific research centres.
12. Income of a non-resident from offshore derivative instruments, or over the counter derivatives issued by an offshore banking unit, income from royalty and interest on account of lease of ship and income received from portfolio management services in IFSC shall be exempt from tax, subject to specified conditions.
13. Cap on surcharge for AOPs at 15% 
14. Cap on surcharge on LTCG and STCG on sale of all classes of assets at 15%.
15. Clarification that surcharge or cess is not an allowable business expenditure
16. No set off of losses allowed against undisclosed income or suppressed sales detected during search operations
17. Increases the limit for employer’s contribution to PF/NPS from 10% to 14% for state govt employees as well
18. Deduction of payment of lumpsum / annuity amount proposed to be allowed to the differently abled dependent during the life time of parents and guardian, where the age of such parent / guardian are senior citizens

Click here to download copy of Finance Bill, 2022

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