Indian FM presents Union Budget for FY 2022-23

cryptocurrency incomes to be taxed , No change in Personal income tax slabs
By: PLAN N PROGRESS
 
MYSORE, India - Feb. 1, 2022 - PRLog -- . Finance Minister Ms Nirmala Sitharaman   presented    the  Union budget for the next financial   year 2022-23  ( April 2022  to March 2023  to the  parliament  today morning .

Highlights  of the budget :
Fiscal  Management :   . The revised Fiscal Deficit in the current year is estimated at 6.9 per cent of GDP as against 6.8 per cent projected in the Budget Estimates. The Fiscal Deficit in 2022-23 is estimated at 6.4 per cent of GDP, which is consistent with the broad path of fiscal consolidation announced by me last year to reach a fiscal deficit level below 4.5 per cent by 2025-26. While setting the fiscal deficit level in 2022-23

Tax on Cryptocurrencies :
" Accordingly, for the taxation of virtual digital assets, I propose to provide that any income from transfer of any virtual digital asset shall be taxed at the rate of 30 per cent.  No deduction in respect of any expenditure or allowance shall be allowed while computing such income except cost of acquisition. Further, loss from transfer of virtual digital asset cannot be set off against any other income.  Further, in order to capture the transaction details, I also propose to provide for TDS on payment made in relation to   transfer of virtual digital asset at the rate of 1 per cent of such consideration above a monetary threshold.  Gift of virtual digital asset is also proposed to be taxed in the hands of the recipient.  "

PAccordingly, for the taxation of virtual digital assets, I propose to provide that any income from transfer of any virtual digital asset shall be taxed at the rate of 30 per cent.  No deduction in respect of any expenditure or allowance shall be allowed while computing such income except cost of acquisition. Further, loss from transfer of virtual digital asset cannot be set off against any other income.  Further, in order to capture the transaction details, I also propose to provide for TDS on payment made in relation to   transfer of virtual digital asset at the rate of 1 per cent of such consideration above a monetary threshold.  Gift of virtual digital asset is also proposed to be taxed in the hands of the recipient.  "  PERSONAL  INCOME TAX :
Finance Minister Ms Nirmala Sitharaman didn't  announce any change in income tax slabs and rates for individual in the year Fy 22-23

FM stated that  GDP growth is expected at 9.2 %  , highest in the world

Source PLAN N PROGRESS
https://www.plannprogress.com/union-budget-22.html (https://l.facebook.com/l.php?u=https%3A%2F%2Fwww.plannpro...)

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