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 …