INCOME

— The government will tax income from digital asset transfers at 30%
— No deduction allowed while computing income except the cost of acquisition
— Loss cannot be set off from any other income
— Gift of cryptocurrencies to be taxed at receiver’s end
— A new provision to allow taxpayers to file an updated return
— Updated returns can be filed within 2 years from the end of the relevant assessment year.
— Alternate Minimum Tax for cooperative societies to be cut to 15%
— The proposal will reduce surcharge on cooperative societies to 7%, for those whose income is between Rs 1 crore and Rs 10 crore
— Tax deduction limit increased to 14% on employers contribution to NPS account of state govt employees

MSMEs & STARTUPS

— Rs 6,000 crore programme to rate MSMEs to be rolled out over 5 years
— MSMEs such as Udyam, e-shram, NCS & Aseem portals will be inter-linked, their scope will be widened
— They will now perform as portals with live organic databases providing G-C, B-C & B-B services such as credit facilitation, enhancing entrepreneurial opportunities
— A fund with blended capital raised under co-investment model facilitated through NABARD to finance startups in agriculture & rural enterprises for farm produce value chain
— Startups will be promoted for Drone Shakti
— PE/VC invested Rs 5.5 lakh crore in the startup, an expert committee will be set up to suggest measures to help attract investment