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Live Updates - Union Budget 2022 Discussion Thread

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Parliament’s Budget Session to start from 31 January 2022

To keep things consolidated we will have all budget 2021 related discussions in this thread. 

Do share your expectations from the budget



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Deal Subedar Deal Subedar
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LG50 wrote:

Crypto currencies to be taxed at 30%. Any income from transfer of any virtual digital asset shall be taxed at 30%. No deductions and exemptions allowed. Loss from transfer of such assets cannot be set off against any other income.

Gift of cryptocurrencies to be taxed at the receiver’s end


Budding Star Budding Star
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Crypto currencies to be taxed at 30%. Any income from transfer of any virtual digital asset shall be taxed at 30%. No deductions and exemptions allowed. Loss from transfer of such assets cannot be set off against any other income.

Pro DealHunter Pro DealHunter
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azzuridd wrote:

😳😱Tax on transfer of bitcoins and similar – 30% tax!!!

Taxation for virtual digital asset – shall be taxed at 30%, no deduction allowed.

dooms day for crypto

Deal Captain Deal Captain
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azzuridd wrote:

😳😱Tax on transfer of bitcoins and similar – 30% tax!!!

Taxation for virtual digital asset – shall be taxed at 30%, no deduction allowed.

TDS at 1% above a threshold, any gift also proposed to be taxed in the hands of the receiver. Except for cost of acquisition no expenses to be included in computation of digital assets.

Deal Subedar Deal Subedar
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30% tax on cryptos 

Deal Captain Deal Captain
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😳😱Tax on transfer of bitcoins and similar – 30% tax!!!

Taxation for virtual digital asset – shall be taxed at 30%, no deduction allowed.

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For new manufacturing companies – the benefit of reduced tax rate under Section 115BAB extended by another year upto 2024.

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Tax incentives for startups increased by 1 year. (up to 31/3/2023)

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Tax deduction to both state and central governemt on NPS should be same  NPS deduction threshold limit increased from 10% to 14% for state government employees

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Tax relief for differently abled persons (parent or guardian) - payment of Annuity or Lumpsum during the lifetime of parent or guardian, once parent or guardian has attained 60 years of age.

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Reduced rates and surcharge for co-operatives to 15% and 7% (more than Rs.1 crore income up to Rs.10 crores) respectively

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Some tax payers may realise some mistakes – to provide opportunity to correct - A new provision – File an updated return on payment of additional tax within 2 years from the end of the assessment year.


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    FM starts by quoting from the Mahabharata - Shanti Parvata Adhyaya

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    12:07 - FM presents Part-B of her speech for Direct Taxes

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    azzuridd wrote:

    12:05 - 

    Budget estimate for total expenditure is revised at Rs.39.45 lakh crore.

    Total receipts estimated at Rs. 22.84 lakh crore


      Revised Fiscal Deficit in Current Year estimated at 6.9 % of GDP

      Deal Captain Deal Captain
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      12:05 - 

      Budget estimate for total expenditure is revised at Rs.39.45 lakh crore.

      Total receipts estimated at Rs. 22.84 lakh crore


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        12:03 -  In 22-23, allocation of Rs.1 lakh crore to assist investment in states as a 50-year interest-free loan, over and above normal borrowings for the states

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        🔥For efficient and cheaper currency management system- Introduces digital rupee through blockchain technology, by RBI from 2022-23.


          Deal Captain Deal Captain
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          Introduction of a central bank Digital currency to boost the digital economy.

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          For climate action, deep tech, pharma and agri tech- Government to promote thematic funds.

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          Outlay for capital expenditure to be stepped up sharply by 35.4% from Rs 4.54 lakh crore to Rs 7.50 lakh crore in 2022-23

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          11:58 - International Arbitration Centre to be set up in GIFT city for timely dispute settlement.

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          11:56 - Green bonds to be issued as part of the government’s market borrowings.

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          11:50 Solar power – Additional allocation of 19,500 crores under PLI for manufacturing high-efficiency modules.

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          Atmanibharta in defence - 

          68% of capital procurement budget to be earmarked for the domestic industry in 2022-23 up from 58% in 2021-22


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            Bharat Net Project to be launched and completed by 2025 for optical fibre promotion. Contract for laying optical fibre in all villages to be awarded under this project.

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            5G production linked scheme to be launched

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            ₹1,400 cr to be allocated for 123 MW Hydro & 27 MW Solar projects in fy2023

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            11:43 - A paperless end to end online e-bill system for all central ministries for their procurements, enabling suppliers and contractors to submit digitally signed bills

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            11:40 – for EV battery swapping and interoperability processes will be formulated 

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