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
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 . 64K 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 . 10K 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 . 9K views . 7 min read
True – Tr...
Recently posted . 8K views . 83 min read
More in National
A mace-wielding 'Yamaraja,' God of Death, intercepted motorists near the Town hall in Bengaluru today
Recently posted. 786 views . 0 min read
Article 370 of the Constitution grants special status to J&K and limits Parliament’s power to make laws concerning the state.
Recently posted. 640 views . 0 min read
As much as Rs 15,167 crore amount of policyholders is lying unclaimed with 23 life insurers, according to Irdai data. Insurance regulator Irdai has already asked ...
Recently posted. 685 views . 1 min read
Recently posted . 682 views
Recently posted . 1K views
Recently posted . 2K views
Recently posted . 2K views
Recently posted . 3K views . 52 min read
Recently posted . 4K views . 57 min read
This benefit is applicable to those who have joined any of the public sector insurance companies (PSICs) on or before June 28, 1995.
Recently posted. 721 views . 0 min read
"We believe the trigger for the current panic is that Padam Chand Gupta, one of the two promoters, gifted nearly 2 percent of his 26 percent holding in the c...
Recently posted. 786 views . 2 min read