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Live Updates - Union Budget 2022 Discussion Thread

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Deal Subedar
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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



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Deal Captain Deal Captain
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Reduced rates and surcharge for co-operatives to 15% and 7% (more than Rs.1 crore income up to Rs.10 crores) respectively

Deal Captain Deal Captain
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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.

Deal Captain Deal Captain
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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

Deal Captain Deal Captain
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Tax incentives for startups increased by 1 year. (up to 31/3/2023)

Deal Captain Deal Captain
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For new manufacturing companies – the benefit of reduced tax rate under Section 115BAB extended by another year upto 2024.

Deal Captain Deal Captain
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😳😱Tax on transfer of bitcoins and similar – 30% tax!!!

Taxation for virtual digital asset – shall be taxed at 30%, no deduction allowed.

Deal Captain Deal Captain
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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.

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Mobile Guru Mobile Guru
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30% tax on cryptos 

Heart of Gold Heart of Gold
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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.

Deal Subedar Deal Subedar
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Gift of cryptocurrencies to be taxed at the receiver’s end


Deal Captain Deal Captain
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LTCG on surcharge on. any asset up to 15%

Deal Captain Deal Captain
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for Businesses - brought forward losses cannot be set off against undisclosed income detected during the search and survey.

Deal Captain Deal Captain
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12:22 - FM moves on to talk about Indirect Taxes

Deal Captain Deal Captain
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Gross GST collection for January 2022 – Rs.1,40,986 crore – Highest since the inception of GST!

Heart of Gold Heart of Gold
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Someone gave her paper right now because tablet wasn’t updatable over the air

Heart of Gold Heart of Gold
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Taxation of virtual digital assets at 30%, says FM #NirmalaSitharaman (@nsitharaman)

#UnionBudget2022 #Budget2022 #Cryptocurrency https://t.co/IT51...gT

Deal Subedar Deal Subedar
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World-class university to be allowed in GIFT IFSC free from domestic regulation

Deal Captain Deal Captain
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Gems and jewellery - Customs duty on cut and polished diamonds and gemstones reduced to 5%

Deal Captain Deal Captain
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12:30 pm - Customs duty on imitation jewellery – Rs.400 per kg on its imports

Heart of Gold Heart of Gold
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ePassports will be rolled out in 2022-23 for convenience in overseas travel.

- Finance Minister.

#Budget2022
#AtmaNirbharBharatKaBudget

Deal Captain Deal Captain
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12:31 MSME- Duty on umbrellas raised to 20%, exemption to parts of these are withdrawn

Deal Captain Deal Captain
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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

Deal Captain Deal Captain
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To incentivise exports- duty on specified leather, packaging boxes reduced

Deal Captain Deal Captain
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Blending of fuel priority of Government- Unblended fuel will attract additional excise duty at Rs.2 per litre from 1st Oct 2022.

Deal Captain Deal Captain
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Budget has commenced. 

Heart of Gold Heart of Gold
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Import duty cuts have screwed up capital goods manufacturing in India. So: phase out concessional rates removed slowly and 7.5% import duty introduced.

Heart of Gold Heart of Gold
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Duty on umbrellas at 20%. You get rain, you gotta use the Indian made stuff. okay? Very important.

Heart of Gold Heart of Gold
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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.

Heart of Gold Heart of Gold
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If the tax system was a car, all FM has done so far is changed the colour of some nuts under hubcaps.

Heart of Gold Heart of Gold
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Mobile Guru Mobile Guru
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Heart of Gold Heart of Gold
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Heart of Gold Heart of Gold
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