Live Updates - Union Budget 2022 Discussion Thread
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
Deal Wiki
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Last updated by: Floriya
Watch Union Budget 2022
nothing for Income tax payers????
nada
PM Speaking on budget - https://twitter.com/i/broadcasts/1YpKkZo...xj
If the tax system was a car, all FM has done so far is changed the colour of some nuts under hubcaps.
New Updated Return. IT dept says pay extra tax and file an updated return. If income has been missed out, say some crypto here or there, which they discover later because you link your wallet with aadhaar and boom it comes crashing down, you get an option okay.
Duty on umbrellas at 20%. You get rain, you gotta use the Indian made stuff. okay? Very important.
Import duty cuts have screwed up capital goods manufacturing in India. So: phase out concessional rates removed slowly and 7.5% import duty introduced.
Budget has commenced.
Blending of fuel priority of Government- Unblended fuel will attract additional excise duty at Rs.2 per litre from 1st Oct 2022.
To incentivise exports- duty on specified leather, packaging boxes reduced
More than 350 exemptions on some agri products, chemicals, drugs, etc to be phased out
Custom duty Reduced on Methanol acetic Acid,Heavy feestock for Petroleum refeinn
ePassports will be rolled out in 2022-23 for convenience in overseas travel.
- Finance Minister.
#Budget2022
#AtmaNirbharBharatKaBudget
12:30 pm - Customs duty on imitation jewellery – Rs.400 per kg on its imports
Gems and jewellery - Customs duty on cut and polished diamonds and gemstones reduced to 5%
World-class university to be allowed in GIFT IFSC free from domestic regulation
Taxation of virtual digital assets at 30%, says FM #NirmalaSitharaman (@nsitharaman)
#UnionBudget2022 #Budget2022 #Cryptocurrency https://t.co/IT51...gT
Gross GST collection for January 2022 – Rs.1,40,986 crore – Highest since the inception of GST!
Someone gave her paper right now because tablet wasn’t updatable over the air
12:22 - FM moves on to talk about Indirect Taxes
for Businesses - brought forward losses cannot be set off against undisclosed income detected during the search and survey.
LTCG on surcharge on. any asset up to 15%
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
30% tax on cryptos
😳😱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.
expert advisors
https://twitter.com/Cryptic_Miind/status/148857...