Income Tax Unchanged, 30% Crypto Tax, Infrastructure Push: 10 Points
Wednesday, February 2, 2022 IST
Budget 2022: 5G services, e-passports and tax on virtual assets are among the key announcements in this budget
A push for infrastructure and a 30 per cent tax on transfer or sale of digital assets were the highlights of Finance Minister Nirmala Sitharaman's Budget 2022. Income tax rates have been kept unchanged.
Here are the 10 big announcements in this Budget:
1. The government's total expenditure has been increased by 4.8 per cent to ₹ 39.5 lakh crore.
2. A 30 per cent tax will apply on income from the sale or acquisition of virtual and digital assets such as cryptocurrency.
3. Taxpayers can file updated income tax returns within two years in one-time window. There is no change to Income Tax slabs.
4. The surcharge on long-term capital gains has been capped at 15 per cent.
5. A Gati Shakti Master Plan for expressways to facilitate faster movement of people and goods. A data centre and energy storage system will be given infrastructure status to provide easy financing to the sector.
6. A digital rupee will be introduced by the Reserve Bank of India in 2022-23.
7. 5G mobile services will be rolled out in the country within the next financial year.
8. e-Passports with embedded chips will be launched next year for more convenience to the public. In a big boost to the electric vehicles sector, battery swapping will be introduced.
9. The GDP is seen to grow by 9.2% -- the quickest rate among major economies -- in the current year, with the government expecting a repeat performance in the next year with an estimated 8% to 8.5% expansion.
10. Higher spending through the pandemic has brought India on the path to regain its world's fastest-growing major economy title from China in the current fiscal year. The government has the fiscal space to spend money on asset creation, and keep the economy on track for another year of world-beating 8%-8.5% expansion, the Economic Survey said on Monday.
Related Topics
Related News & Articles
Indian Railways is planning to introduce ‘mega blocks’ on Sundays which, while making the duration of journeys longer, will help fast-track safety-relat...
Recently posted . 722 views . 2 min read
Income inequality, or the wide gap in wage growth and value between the highest-earning citizenry and the lowest-earning workers in a given nation, is increasing ...
Recently posted . 550 views . 2 min read
The first such bus shelter has come up in Hitech City near Shilparamam, inaugurated by Minister for Municipal Administration KT Rama Rao on Tuesday.
Recently posted . 668 views . 1 min read
NEW DELHI: The Income Tax Department has issued about one lakh notices to people who have invested in crypto currencies like Bitcoin and have not...
Recently posted . 534 views . 3 min read
Parliament today passed the Payment of Gratuity (Amendment) Bill, which sought to double the ceiling of tax-free gratuity to Rs 20 lakh and also empower the governm...
Recently posted . 874 views . 2 min read
Trending News & Articles
While the Uttarakhand High Court has asked to block 857 websites, the Ministry of Electronics and IT (Meity) found 30 portals without any pornographic content.
...
Recently posted . 62K views . 1 min read
The four boys as well as five school officials, including the director and principal, were arrested after the incident. The minors were presented before the Juvenil...
Recently posted . 8K views . 1 min read
Rahul was having an Italian passport and was carrying suitcase full of dollars. Some say it was about was it $2 million.
Rahul and his girl friend was th...
Recently posted . 8K views . 7 min read
True – Tr...
Recently posted . 7K views . 83 min read
More in National
Authorities have decided to close all educational institutions and postpone exams scheduled for Wednesday as tension continued in the Kashmir Valley. Heavy securi...
Recently posted. 583 views . 1 min read
From savings bank account to small account, SBI provides a variety of options for customer's requirements.
Recently posted. 702 views . 0 min read
Three of five ATMs in India utilize obsolete technology and need essential security highlights, making them prime focuses for fake cash, banking specialists...
Recently posted. 778 views . 14 min read
Recently posted . 1K views
Recently posted . 886 views
Recently posted . 1K views
Recently posted . 1K views
Recently posted . 2K views . 57 min read
Recently posted . 2K views . 87 min read
NEW DELHI: An Air India pilot on Wednesday deserted a flight on the runway of the Jaipur airport leaving 48 passengers stranded, apparently ...
Recently posted. 792 views . 4 min read
In the video, filmed on a busy road in Delhi's Moti Nagar, a dozen saffron-robed Kanwar pilgrims were seen bashing up a car.
Recently posted. 651 views . 0 min read