LIVE Budget 2022 Updates: RBI to issue digital rupee in FY22-23, says FM Sitharaman

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Indian finance minister Nirmala Sitharaman in Budget 2022 allowed provision for tax players to file updated return on payment of taxes within two years from the end of the assessment year.

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After Indian Finance Minister Nirmala Sitharaman concluded her 90-minute long budget speech, Parliament adjourned till 4:30 pm tomorrow.

Announcements for taxpayers

Taxpayers have two years from the end of the relevant assessment year to make an updated return on payment of taxes.

The new provision will encourage people to file their taxes voluntarily and reduce litigation.

The proceeds of virtual/digital assets are subject to a 30% tax, with no deductions other than the cost of purchase.

There is no allowance for a set-off against other income.

Payments made for the transfer of digital assets will be subject to a 1% TDS.

Employer contributions to the National Pension System (NPS) are now deducted at a rate of 14 per cent for state government employees, up from 10 per cent previously. 
 

Income from cryptocurrency to be taxed at 30%

In her Budget speech, Finance Minister Nirmala Sitharaman made a huge statement, saying that any income from virtual digital assets will be taxed at 30%.

She also stated that any losses incurred as a result of virtual digital assets cannot be offset against other gains.

Gifts of virtual digital assets will be taxed in the hands of the recipient, according to the FM.

Important Announcements

Electric Vehicles

To strengthen the EV ecosystem, a battery-swapping regulation will be introduced along with interoperability standards.

E-passports

In 2022-23, the issuance of E passports employing embedded ship and futuristic technology will be rolled out to improve the convenience of citizens travelling abroad.

National Digital Health Ecosystem

Digital registries of health practitioners and facilities, a unique health identity, and universal access to health services will all be part of it.

Urban planning high-level committee

For recommendations on urban capacity building, planning execution, and governance, a high-level group of urban planners and economists will be constituted. 

Inclusion of financial resources

100% of the 150,000 post offices will be connected to the core banking system, allowing for financial inclusion and account access via net banking, mobile banking, and ATMs, as well as online fund transfers between post office and bank accounts.

This would be especially beneficial to farmers and senior residents in rural areas, as it will allow for interoperability and financial inclusion.

So far, Indian Finance Minister Nirmala Sitharaman has made a number of significant statements.

1) In the coming fiscal year, India's economic growth is expected to reach 9.2%.

2) Everyone can see that the health infrastructure is being strengthened and that the vaccination programme is being implemented quickly.

3) Afternoon Gati Shakti will propel the economy forward, resulting in more jobs and opportunity for young people.

4) In 2022-23, the National Highway network will be enlarged by 25,000 kilometres.Gati Shakti would have seven engines for multi-modal connectivity for states, as well as faster implementation of development projects using technology to allow for faster flow of people and products, thanks to a government-funded project worth Rs 200 billion. 

5) Railways will develop efficient logistics for small farmers & enterprises. 'One station, one product' to help supply chain of local product.

6) 100 Cargo Terminals under PM Gati Shakti will be developed in the next few years.

7) 'Parwatmala' for conventional roads in hilly areas to be taken in PPP modes.

India@100

Sitharaman said that their goal is complementing macro-growth with micro-all-inclusive welfare, digital economy and fintech, tech-enabled development, energy transition and climate action.

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