By FnF Correspondent | PUBLISHED: 01, Feb 2022, 12:46 pm IST | UPDATED: 01, Feb 2022, 13:00 pm IST
New Delhi: Finance Minister Nirmala Sitharaman has started reading her Budget speech in the Parliament.
This is Sitharaman's fourth straight Union Budget when she presents financial statements and tax proposals for fiscal year 2022-23 (April 2022 to March 2023). The Budget Session of the parliament commenced from January 31 with President Ram Nath Kovind`s address. The first part of the Budget Session of Parliament will be held from January 31 to February 11 and the second part will take place from March 14 to April 8.
FM Nirmala Sitharaman has not announced any change in the Income Tax Bracket for tax paying individuals.
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 cost of acquisition: FM Nirmala Sitharaman
Both Centre and States govt employees' tax deduction limit to 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: FM Nirmala Sitharaman
FM Nirmala Sitharaman announces to provide an opportunity to correct an error, taxpayers can now file an updated return within 2 years from the relevant assessment year