Finance Minister Nirmala Sitharam announces the federal budget for 2022. People wanted to know how the government would balance populist measures while walking the tightrope of fiscal consolidation.
Highlights of the general budget 2022
- Direct taxpayers may revise their tax returns and submit renewed tax returns over the next two fiscal years.
- Long-term capital gains are limited to 15%.
- Personal tax rate remains constant.
- The NPS Central and Civil Service Deductions have been increased from 10% to 14%.
- Increment in the imbursement of home loans under 80C
- Co-operative surcharges have been reduced from 12% to 7% for people with incomes above 1- 10 crores rupees.
- The co-operative alternative minimum tax has been reduced to 15%.
- Tax incentives for startups has been increased in the next fiscal year 2022- 2023.
- The tax deduction limit for central and state government employees has been reduced from 18% to 15%.
- RBI to issues digital rupee currency.
- 30% tax on all digital assets.
- There is no tax deduction on any digital assets other than acquisition costs.
So these are some of the prominent highlights from the Union Budget 2022.
