Budget Headlines: Focus of Budget on providing basic amenities to poor, middle class, says PM Modi
India's plan to launch a digital rupee needs more thought, less haste
Explained: The retrospective changes to income-tax law, how they impact you
The Union Budget 2022-23 brought in some amendments to the Income Tax Act that would be effective retrospectively.
Making a retrospective amendment to the Income-tax Act from 2005-06, the Budget has clarified that cess and surcharge will not be allowed to be claimed as deductions in the form of expenditure, a practice that some companies and businesses were resorting to in the absence of legal clarity.
It has also allowed exemption of the amount received for medical treatment and on account of death due to Covid-19 retrospectively from April 1, 2020.
Next year’s I-T return to have separate column for crypto income: Revenue Secy
Income tax return forms from next year will have a separate column for making disclosures on gains made from cryptocurrencies and paying taxes, Revenue Secretary Tarun Bajaj said on Wednesday.
The government will from April 1 charge a 30 per cent tax plus cess and surcharges, on such transactions in the same manner as it treats winnings from horse races or other speculative transactions.
In an interview with PTI, Bajaj said gains from cryptocurrencies were always taxable and what the Budget proposed is not a new tax but providing certainty over the issue.
Explained: Import duty changes in Budget and its significance
Signalling a move to protect domestic industries which are not necessarily capital, technology or labour intensive, Finance Minister Nirmala Sitharaman on Tuesday introduced a slew of higher custom duties on items of daily use such as umbrellas, headphones, earphones, loudspeakers, smart meters, and imitation jewelry.
Most of these products are imported from China, either as complete units or as knocked down units which are then assembled in factories in India. For example, the customs duty on umbrellas was doubled to 20 per cent, while exemptions provided on import of parts of umbrellas were withdrawn. Similarly, the customs duty on single or multiple loudspeakers, whether or not mounted in their enclosures was hiked to 20 per cent from 15 per cent.
Budget 2022 | What has become cheaper and what’s more expensive- check full list:
Budget 2022 | What the finance minister is doing ‘indirectly’ for consumption
Budget 2022: Home buyer should deduct TDS on stamp duty value or purchase price, whichever is higher
Union Budget 2022 | Six hidden money changes that finance minister did not spell out
Focus on growth and all inclusive welfare
Promoting technology enabled development, energy
transition and climate action
Virtuous cycle starting from private investment, crowded
in by public capital investment
Share on Social