Live Updates - Union Budget 2022 Discussion Thread
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Parliament’s Budget Session to start from 31 January 2022
To keep things consolidated we will have all budget 2021 related discussions in this thread.
Do share your expectations from the budget
Deal Wiki
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Last updated by: Floriya
Watch Union Budget 2022
Tax relief for differently abled persons (parent or guardian) - payment of Annuity or Lumpsum during the lifetime of parent or guardian, once parent or guardian has attained 60 years of age.
Tax deduction to both state and central governemt on NPS should be same NPS deduction threshold limit increased from 10% to 14% for state government employees
Tax incentives for startups increased by 1 year. (up to 31/3/2023)
For new manufacturing companies – the benefit of reduced tax rate under Section 115BAB extended by another year upto 2024.
😳😱Tax on transfer of bitcoins and similar – 30% tax!!!
Taxation for virtual digital asset – shall be taxed at 30%, no deduction allowed.
TDS at 1% above a threshold, any gift also proposed to be taxed in the hands of the receiver. Except for cost of acquisition no expenses to be included in computation of digital assets.
Crypto currencies to be taxed at 30%. Any income from transfer of any virtual digital asset shall be taxed at 30%. No deductions and exemptions allowed. Loss from transfer of such assets cannot be set off against any other income.
Gift of cryptocurrencies to be taxed at the receiver’s end
LTCG on surcharge on. any asset up to 15%
for Businesses - brought forward losses cannot be set off against undisclosed income detected during the search and survey.
12:22 - FM moves on to talk about Indirect Taxes
Gross GST collection for January 2022 – Rs.1,40,986 crore – Highest since the inception of GST!
Someone gave her paper right now because tablet wasn’t updatable over the air
Taxation of virtual digital assets at 30%, says FM #NirmalaSitharaman (@nsitharaman)
#UnionBudget2022 #Budget2022 #Cryptocurrency https://t.co/IT51...gT
World-class university to be allowed in GIFT IFSC free from domestic regulation
Gems and jewellery - Customs duty on cut and polished diamonds and gemstones reduced to 5%
12:30 pm - Customs duty on imitation jewellery – Rs.400 per kg on its imports
ePassports will be rolled out in 2022-23 for convenience in overseas travel.
- Finance Minister.
#Budget2022
#AtmaNirbharBharatKaBudget
12:31 MSME- Duty on umbrellas raised to 20%, exemption to parts of these are withdrawn
More than 350 exemptions on some agri products, chemicals, drugs, etc to be phased out
Custom duty Reduced on Methanol acetic Acid,Heavy feestock for Petroleum refeinn
To incentivise exports- duty on specified leather, packaging boxes reduced
Blending of fuel priority of Government- Unblended fuel will attract additional excise duty at Rs.2 per litre from 1st Oct 2022.
Budget has commenced.
Import duty cuts have screwed up capital goods manufacturing in India. So: phase out concessional rates removed slowly and 7.5% import duty introduced.
Duty on umbrellas at 20%. You get rain, you gotta use the Indian made stuff. okay? Very important.
New Updated Return. IT dept says pay extra tax and file an updated return. If income has been missed out, say some crypto here or there, which they discover later because you link your wallet with aadhaar and boom it comes crashing down, you get an option okay.
If the tax system was a car, all FM has done so far is changed the colour of some nuts under hubcaps.
Reduced rates and surcharge for co-operatives to 15% and 7% (more than Rs.1 crore income up to Rs.10 crores) respectively