Budget 2022: New Government Cryptocurrency, transfers to be taxed at 30 percent, no change in tax slabs

FM Nirmala Sitharaman made history when she presented the last Budget virtually, in the middle of the lockdown.

The Budget this year is equally significant, at a time when India grapples with historic unemployment rates, higher inequality and general restlessness in the waning phase of the pandemic.

Here are the key takeaways:

Given the country’s stressed fiscal scenario, the government has set a target to reduce fiscal deficit to 6.4 per cent of GDP in 2022-23 from the estimated 6.9 per cent in the current financial year

Effective expenditure will be INR 10.68 lakh crore, or 4.1 per cent of GDP.

INR 1 lakh crore is to be allocated to states to help investment activity.

50-year interest-free loanswould be over and above normal borrowings allowed to states and used for PM Gati Shakti-related and other state capital investments.

Taxpayers can now update I-T returns within 2 years from the relevant assessment year.

Income from transfer of digital assets, including cryptocurrency incestments, to be charged 30% tax, plus 1% tax on the transaction.

Surcharge on long-term capital gains capped at 15%.

Spectrum auction will be conducted to roll out 5G mobile services within 2022-23 by private firms.

60 lakh jobs are being earmarked to be created in the next 5 years.

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