She added, “Corporate surcharge to be reduced from 12% to 7%. I propose to provide that any income from transfer of any virtual digital asset shall be taxed at the rate of 30%.”
While presenting the Union Budget, Nirmala Sitharaman proposed that both Centre and states govt employees’ tax deduction limit should be increased from 10% to 14% to help the social security benefits of state govt employees and bring them at par with the Central govt employees.
She added, “Corporate surcharge to be reduced from 12% to 7%. I propose to provide that any income from transfer of any virtual digital asset shall be taxed at the rate of 30%. No deduction in respect of any expenditure or allowance shall be allowed while computing such income, except the cost of acquisition.”
She said, “To provide an opportunity to correct an error, taxpayers can now file an updated return within 2 years from the relevant assessment year…Digital rupee to be issued using blockchain and other technologies; to be issued by RBI starting 2022-23. This will give a big boost to the economy.”
The Finance Minister also announced tax relief for persons with disabilities. The parents or guardian can take insurance from their children with disabilities, she said. The payment of annuity or lump sum for disabled dependent will be exempted during the lifetime, she added.
She further said, “The gross GST collections for the month of January 2022 are Rs 1,40,986 crores which is the highest since the inception of GST…Total expenditure in FY23 estimated at Rs 39.45 lakh crore, the total resources mobilisation to be Rs 22.84 lakh crore other than borrowing… The government vows a stable and predictable tax regime. It proposes to reduce Minimum Alternative Tax to 15% for co-op societies, at par with corporate.”
She further said that Rs 1 lakh crore has been allocated to states to help investments. “For 2022-23, allocation of Rs 1 lakh crore has been made to assist the states in catalysing overall investments in the economy. These 50-year interest-free loans are over and above normal borrowings allowed to states. It’ll be used for PM Gati Shakti-related and other productive capital investments of states,” she added.
