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.
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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.
