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
New Delhi: Stocks were a bundle of nerves on Monday as the Sensex plunged by over 400 points in the afternoon trade.
Recently posted . 584 views . 7 min read
The GST Council has introduced a new return system for taxpayers in its 31st meeting.
Recently posted . 548 views . 0 min read
HIGHLIGHTS
• In her maiden Budget speech, finance minister Nirmala Sitharam...
Recently posted . 458 views . 4 min read
Interim finance minister dismisses fiscal slippage concerns ahead of RBI’s policy review meeting.
Recently posted . 513 views . 1 min read
NEET 2018 will be held on May 6. Here are some important points candidates applying for the exam must keep in mind.
Recently posted . 532 views . 1 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 . 61K 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 . 7K 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 . 7K views . 7 min read
True – Tr...
Recently posted . 6K views . 83 min read
More in National
NEW DELHI: The Reserve Bank of India (RBI) will soon introduce a new Rs 20 currency note with additional features, according to a document of the...
Recently posted. 474 views . 1 min read
NEW DELHI: An overwhelming majority of opposition parties have extended tactical support to the Andhra Pradesh rivals YSR Congress and TDP, who are...
Recently posted. 554 views . 2 min read
Today, 119 crore Indians have Aadhaar in a population of nearly 130 crore. It stands tall as an Indian innovation, globally acknowledged as ...
Recently posted. 503 views . 1 min read
Recently posted . 1K views
Recently posted . 441 views
Recently posted . 1K views
Recently posted . 1K views
Recently posted . 1K views . 31 min read
Recently posted . 1K views . 88 min read
As electioneering picks up the tempo in India’s most populated and politically important kingdom, Uttar Pradesh, the humans are searching forward to a governm...
Recently posted. 618 views . 32 min read
Here are a few fuel efficiency maintenance tips that can help you keep more money in your wallet!
Recently posted. 428 views . 0 min read