02/02/2022
Budget 2022 Highlights: Key Takeaways for Investors
On Tuesday, Union Finance Minister Nirmala Sitharaman presented the Union Budget for the financial year 2022-23.
Let us look at some of the important announcements made by the finance minister in the budget with special emphasis on updates for investors.
Cryptocurrency and Digital Rupee
The government intends to develop a digital rupee based on blockchain and other technologies in the fiscal year 2022-23. It will be issued by the Reserve Bank of India.
Profits from digital assets will be taxed at the highest rate of 30%.
Only the acquisition cost would be considered while computing the income from digital assets.
The losses from digital assets can’t be set off.
TDS of 1% will be deducted on transferring digital assets.
The individual who receives the digital assets as a gift will also have to pay taxes.
Increase in the tax benefit for state government contribution in the NPS
For state government employees, the tax deduction against employer contributions in NPS will be increased to 14% from the current 10%.
Possibility of correcting a tax mistake
Taxpayers have two years to file an updated return within two years of the relevant assessment year if they fail to disclose income when com...
