On 1 February 2022, India's Minister of Finance, Nirmala Sitharaman, delivered the Union Budget 2022-2023. Some of the main direct tax measures are summarized as follows:
- The introduction of a new updated tax return allowing taxpayers to correct errors, which can be filed within two years from the end of the relevant assessment year;
- A reduction in the alternate minimum tax rate from 18.5% to 15.0% for cooperatives, which is in line with the rate for companies, along with a reduction in the …