UNION BUDGET NEWS

All About Personal Tax Proposals in Union Budget 2022

All About Personal Tax Proposals in Union Budget 2022

Correction of Anomaly in Section 80CCD with respect to National Pension System (NPS) contributions for state government employees Section 80CCD(2) provides deduction of upto 14% for the contribution made by Central Government for its employees. However, this limit is 10% for State Government employees. Hence to correct this anomaly , Section 80CCD(2) is sought to …

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All About Corporate Tax Proposals in Union Budget 2022

All About Corporate Tax Proposals in Union Budget 2022

Amendment pertaining to deductibility of expenditure incurred in relation to exempt income Section 14A provides that no deduction of expenditure shall be allowed that is incurred in relation income that does not form part of the total income. It has been proposed to provide Section 14A with the overriding effect over the other contradictory sections …

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All About Cryptocurrency Taxation Introduced in Budget 2022

All About Cryptocurrency Taxation Introduced in Budget 2022

Virtual Digital Assets (VDA) Defined (Section 2(47A) A new section 2(47A) is proposed to be inserted by Finance Bill’2022, which defines virtual digital assets to mean any information or code or number or token (not being Indian currency or any foreign currency) generated through cryptography which provides a digital representation of value exchanged with or …

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Proposed Changes in GST in Budget 2022

Proposed Changes in GST in Budget 2022

Proposed changes in GST in Budget 2022 1.) A new clause to Section 16(2) of CGST Act, 2017 is inserted to provide that Input tax Credit with respect to a supply can be availed only if such credit is not restricted by the GSTR 2A/2B returns. Further, Section 16(4) of CGST Act 2017, is amended …

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Cryptocurrency is Like Gambling, Tax Has To Be Paid Like Gambling Earnings: Finance Secretary

Cryptocurrency is Like Gambling, Tax Has To Be Paid Like Gambling Earnings: Finance Secretary

Various cryptocurrencies are currently in a gray area. Buying and selling crypto currency is not illegal. We have now designed the taxation framework to treat crypto assets for taxation like earnings from horse racing, gambling and other speculative transactions. According to Finance Secretary TV Somanathan, “The government is working towards enacting a law to regulate …

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All About Updated Income Tax Return And Payment Of Additional Tax (Introduced in Budget 2022)

All About Updated Income Tax Return And Payment Of Additional Tax (Introduced in Budget 2022)

In Finance Bill 2022, two new sections (Sec 139(8A) and Sec 140B) are proposed to be inserted for filing of updated return and payment of tax while filing updated return under sub-section (8A) of Section 139 of the act. Section 139(8A): Applicability A New sub-section (8A) to section 139 is proposed to be inserted to …

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Introduction of ‘Digital Rupee’ –New Digital Currency

Budget 2022: RBI Will Launch Digital Currency

Finance Minister Smt. Nirmala Sitharaman has announced in the budget speech that the government will issue digital currency. This will be helpful in boosting up the economy. She said that the government will take this step using blockchain and other technologies. Digital Rupee will be issued by the Reserve Bank of India from the financial …

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TDS Rate Chart For Financial Year 2022-23 (Assessment Year 2023-24)

TDS Rate Chart For Financial Year 2022-23 (Assessment Year 2023-24)

Every year there are some changes in the rates of TDS applicable for a financial year. Now for Financial Year 2022-23, two new sections 194R and 194S are inserted in the Income Tax Act 1961 which are related to TDS (in Union Budget 2022-23). Section 194IA of the Income Tax Act 1961 related to TDS …

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Budget 2022: Finance Minister Gives Relief To Corporate Sector

Budget 2022: Finance Minister Gives Relief To Corporate Sector

Finance Minister Nirmala Sitharaman presented her fourth budget in the Parliament. During this, she gave a big relief to the corporates. Finance Minister Nirmala Sitharaman reduced the corporate tax from 18 per cent to 15 per cent. During this, it has also been said to provide relief to the handicapped. Apart from this, the Finance Minister …

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Complete Summary Of Union Budget 2022-23

Complete Summary Of Union Budget 2022-23

Analysis points of Union Budget 2022-23 Focus on promoting the digital economy We are hopeful that India will continue its growth journey: FM LIC IPO expected to come soon The foundation of the next 25 years will be given from this budget 16 lakh employment opportunities from self-reliant India Expected economic growth to be 9.2% …

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Budget 2022: 5G Service Will Start in The Country in 2022

Budget 2022: 5G Service Will Start in The Country in 2022

In order to strengthen the mobile network in the country, the Finance Minister Nirmala Sitharaman has made a big announcement. Presenting the budget in Parliament, the Finance Minister said that in the year 2022, 5G mobile network can be started in the country.  With the start of 5G network service in the country, people will …

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Budget 2022: Country May Get Many Semi-High Speed Trains

Budget 2022: Country May Get Many Semi-High Speed Trains

To upgrade rail connectivity in the country, the central government can increase the rail budget by 20% this time. If the government increases the budget, then the allocation of railways will increase to Rs 2.5 lakh crore. Along with this, the government can also announce to start many semi-high speed trains. This time the general …

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Budget 2022 Live Updates: Big Gifts You Can Get in Income Tax From Budget

Budget 2022 Live Updates: Big Gifts You Can Get in Income Tax From Budget

Deduction can be allowed in the new tax regime If sources are to be believed, the officials of the Finance Ministry have conducted a survey looking at the data of tax returns. In this, an attempt was made to know why people are not adopting the new tax regime. In such a situation, it is …

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Budget 2022-23: Taxpayers Can Get Great News After 8 Years

Budget 2022-23: Taxpayers Can Get Great News After 8 Years

People have high expectations from the budget. Apart from giving a growth booster to the economy, there is a possibility of big relief for the taxpayers in the budget. For many years, no such announcement has been made for the taxpayers, from which they have got direct benefit. In such a situation, the government can please them by …

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Budget 2022: Budget Session Of Parliament From Today. Finance Minister To Present Economic Survey

Budget 2022: Budget Session Of Parliament From Today. Finance Minister To Present Economic Survey

The budget session of Parliament is starting from today (January 31). It will begin with President Ram Nath Kovind’s address. The President will address both the houses in the Central Hall of Parliament. After the commencement of the session, Finance Minister Nirmala Sitharaman will present the Economic Survey 2021-22 in the House. The tenth budget …

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Budget 2022: Government Should Take Effective Steps To Promote Employment

Budget 2022: Government Should Take Effective Steps To Promote Employment

According to news agency PTI, just before the general budget, industry body CII said that additional rates of incentive should also be added on the basis of employment created in the production-linked incentive (PLI) schemes in the budget. Confederation of Indian Industry (CII) has suggested that sectors such as leather and food processing, which provide …

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Budget 2022: Taxpayers Pay Attention. Know How Much Exemption Available in Income Tax

Budget 2022: Taxpayers Pay Attention. Know How Much Exemption Available in Income Tax

When the budget will be presented on February 1, there will be many important milestones in the budget speech, where every citizen of the country will try to understand what was the matter of work for him. But, the most important is personal tax. This section gets the most attention. Especially the salaried class keeps …

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Budget 2022: Necessary To Make Investment in Pharma Sector More Attractive

Budget 2022: Necessary To Make Investment in Pharma Sector More Attractive

Every sector has many expectations from the Union Budget. A pre-Budget survey shows a growing demand for making investments in the pharmaceutical industry more attractive. According to the Grant Thornton India Survey, most of the people surveyed said that the government should increase spending in the PLI scheme with a focus on bio-pharmaceuticals and medical …

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Budget 2022: Budget Should Be Focused On Boosting Consumption, Tax Exemption And Cheap Fuel Prices

Budget 2022: Budget Should Be Focused On Boosting Consumption, Tax Exemption And Cheap Fuel Prices

Only a few days are left for the presentation of the budget 2022. From common man to industries, all have high hopes from the Finance Minister. However, in the report of rating agency India Ratings, the government has also told the need to make some special provisions in the budget. According to the news of …

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Ministry of Finance invites suggestions for the Union Budget 2022-2023

Be a part of the Budget making process! Share your suggestions for the Union Budget 2022-2023 with FinMinIndia today! The Department of Economic Affairs, Ministry of Finance invites suggestions from citizens every year, to make the Budget-making process participative and inclusive. The Ministry looks forward to your ideas and suggestions for the Union Budget 2022-2023, …

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