Budget 2022 update : New Digital Currency, 5G to e-Chip Passport…Know what class got the gift from FM’s box
Union Budget 2022 : Experts say that the middle class did not get anything special from this budget. Let us tell you that this is the fourth budget of Sitharaman and the 10th budget of the Narendra Modi government and this time the budget was also paperless.
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Budget 2022 update: There was no change in the income tax slab in the Union Budget-2022. It will continue as before, while the Modi government reduced the surcharge on it along with reducing the cooperative tax. In her 90-minute budget speech in Parliament on Tuesday (February 1, 2022), Finance Minister Nirmala Sitharaman also told that employees will be exempted from tax on pension. Where 30 percent tax will have to be paid on the income from crypto currency. At the same time, the Reserve Bank of India (RBI) will come up with a new digital currency.
In this budget, which came before the assembly elections of five states, Sitharaman said, “This budget is the blue print of the next 25 years of the Amrit period. 60 lakh new jobs will be created. In the next three years, 400 new generation Vande Bharat trains will be introduced. 100 PM Gati Shakti Cargo Terminal will be developed in the next three years. Also, passports fitted with e-chip will come this year. Post offices i.e. post offices will be equipped with corebanking system. 5G service will come this year and villages will be connected with broadband.”
- Corporate tax reduced. Happened from 18% to 15%.
- Surcharge on this has also been reduced. Earlier it was 12%, now 7%.
- The limit for cooperative tax has been increased to Rs 10 crore.
- You will get two years to rectify the mistake in ITR.
- Tax exemption in pension also
- 30 percent tax on income from cryptocurrency
What got cheaper in budget 2022?:
Textiles, leather goods, mobiles, phone chargers, shoes, diamond jewelry
Earnings of cryptocurrency came under the purview of tax, 30% tax will have to be paid, tax will also be levied on gifting
If a person gifts cryptocurrencies, then he will also be taxed. Whereas, the rate of tax leviable on gift making has not been declared.
Budget 2022: Finance Minister Nirmala Sitharaman has presented the country’s general budget for the financial year 2022-23. It has become clear in this budget that the government is in no mood to impose a ban on cryptocurrencies. Because Finance Minister Nirmala Sitharaman has announced a 30 percent tax on earnings from cryptocurrencies. Along with this, if you give cryptocurrency as a gift to an acquaintance or relative, then that too will come under the tax net.
Transparency will come in the business of cryptocurrencies – till now it was expected that the government may ban cryptocurrencies. But a large section expected that the government could implement rules and regulations related to it.
But after imposing 30 per cent tax on earnings from cryptocurrencies, it has become clear that laws related to trading of cryptocurrencies can also be prepared soon. In such a situation, people who had a large number of cryptocurrencies will get relief from not being banned anymore.
Bill to be passed in winter session – The government’s plan was to introduce ‘The Cryptocurrency and Regulation of Official Digital Currency Bill,’ in the modest session of Parliament in 2021. But it cannot be possible. But now the government can introduce this bill in the budget session of Parliament or the next session.
No change in income tax slab, Finance Minister Nirmala Sitharaman made big announcements for government employees
Union Budget 2022: Finance Minister Nirmala Sitharaman has also made an announcement related to income tax return. Apart from this, big relief has been given by reducing cooperative surcharge.
Union Budget 2022: Finance Minister Nirmala Sitharaman on Tuesday did not make any changes in the income tax slab in Budget 2022. However, the central government in the budget announced to increase the tax deduction limit for central and state government employees from 10% to 14% to help the state government employees with social security benefits and bring them at par with the central government employees. .
The Finance Minister has decided to reduce the cooperative, which will be reduced from 12 percent to 7 percent. The Central Government has reduced the Corporate Tax from 18 percent to 15 percent. In Budget 2022, Finance Minister Nirmala Sitharaman has also extended the time period for correction of errors in income tax returns. Now you will get 2 years to rectify the error in ITR.
In Budget 2022, 30 percent tax has been kept on income from virtual digital assets. Meaning now income from cryptocurrency has also come under the tax net. Also, 1 percent TDS will also be levied on the transfer of virtual currency. If the virtual asset is given as a gift to someone, the tax will be payable by the person to whom the virtual asset has been gifted. Digital currency of Rupee will be launched this financial year. Apart from this, the custom duty on cut and polished diamonds, gems will be reduced to 5%.
In 2014, when the Modi government came to power, for the first time, giving a big relief to the taxpayers, the income tax exemption limit was raised to 2.5 lakhs. In 2014, the then Finance Minister Arun Jaitley raised the tax exemption limit for senior citizens from Rs 2.5 to Rs 3 lakh.
In Budget-2020, the central government introduced a new tax system. Under this, 5 percent on income from 2.5 to 5 lakh, 10 percent on income from 5 to 7.5 lakh, 15 percent on 7.5 to 10 lakh, 20 percent on income from 10 to 12.50 lakh, 25 percent on 12.50 to 15 lakh. And 30 percent tax has to be paid above 15 lakhs.
Union Budget 2022: Increased tax exemption on pension of government employees, even for NPS subscribers!
Union Budget 2022 Latest News in Hindi: Finance Minister Nirmala Sitharaman also announced about corporate tax. The corporate tax limit has now been increased from Rs 1 crore to Rs 10 crore.
Budget 2022-23: Even though Union Finance Minister Nirmala Sitharaman presented the budget for the financial year 2022-23 on February 1, 2022. In this, he made a big announcement about the National Pension System (NPS / National Pension System).
Now the employer’s contribution to NPS has been increased. Now your employer will contribute 14 percent instead of 10 in NPS. Government pensioners will also get the benefit of the announcement made in the budget. Tax exemption on pension of government employees has been increased in the budget 2022-23.
Presenting the budget, the Finance Minister said that the government proposes to increase the tax deduction on the contribution made by the state government to the NPS (National Pension System) by the employees from 10 percent to 14 percent.
Finance Minister Nirmala Sitharaman said, the resolution of companies has been reduced from two years to 6 months. Similarly paperless e-bill system has also been launched.
The Finance Minister has also made a big announcement regarding corporate tax in the budget. Till now, corporate tax was levied on earnings of Rs 1 crore. Its limit has now been increased to 10 crores. Also, the corporate tax has been reduced from 18 per cent to 15 per cent. Surcharge has also been reduced from 12 to 7 per cent.
What is NPS Scheme?
NPS (National Pension System) was launched in January 2004 for government employees. In the year 2009, it was opened to all classes of people. Any individual can contribute regularly to the pension account during his/her working life.
He can also withdraw a part of the deposited fund once. The remaining amount can be used to get regular pension after retirement. The NPS account grows with the individual’s investment and returns on it.
As per the existing rules, on maturity of the NPS account, the investor has to invest at least 40 per cent in Annuity (Annuity Allowance). The subscriber gets pension from this amount.
Union Budget 2022:
Nirmala Sitharaman announcements, RBI will bring digital currency,
5G Internet Service will start in 2022 and broadband in villages
This is the country’s first budget being presented during the Corona period. For which the common people have many expectations.
In the meantime, it is being said by experts that the economic growth from this year’s budget is estimated to be 9.2%.
On the other hand, Finance Minister Nirmala Sitharaman has made a big announcement regarding cryptocurrency. He has said in his speech that from 2022-23 digital currency will be launched by the Reserve Bank of India. He announced that RBI will soon bring its own digital currency. Under which digital currency will be started using blockchain and other technologies.
This will give investment benefits and opportunities to the people. Also, with the introduction of digital currency of RBI, the risk will also be reduced. At the same time, people will have the facility to exchange money digitally. Along with this, Finance Minister Sitharaman said, ‘Desh Stack e-portal’ will be started to promote digital infrastructure.
The proceeds of 5G auctions could be one of the biggest contributors to non-tax revenue for the government. After this announcement, it will now have to push the 5G offering on the industry including Bharti Airtel, Reliance Jio and Vodafone Idea.