Budget 2022 Highlights: Income Tax Slabs Unchanged, CryptoTo Be Taxed At 30%

Culture Ministry Gets Over Rs 3,000 Crore In Budget
Budgetary allocation for the Culture Ministry for 2022-2023 has been increased by 11.9 per cent compared to the Budget Estimate (BE) for 2021-2022, with the Archaeological Survey of India (ASI) being allocated Rs 1,080 crore, 35 per cent of the total amount.

inance Minister Nirmala Sitharaman's BE for 2022-2023 proposed Rs 3,009.05 crore for the Culture Ministry, up from Rs 2,687.99 crore in BE 2021-2022 and Rs 2,665 crore in the Revised Estimate (RE) 2021-2022. The increase comes after a 15 per cent reduction last year, when the proposed expenditure was reduced from Rs 3,149.86 crore in 2020-2021.

"Useless, Purposeless Budget With No Direction": Telangana Chief Minister KCR
Ruling TRS president and Telangana Chief Minister K Chandrasekhar Rao has alleged that the NDA government's Union Budget has deeply disappointed various sections of society, including SCs, STs, backward classes, the farming community and the salaried class, and that it is a "useless and purposeless budget".

"The Budget introduced by the BJP-led government at the Centre had no direction or intent and it is a useless and purposeless Budget," he said in a statement.

Budget 2022: Anti-Dumping Duties On Select Steel Products Revoked
Government on Tuesday announced revoking of anti-dumping duties on certain steel products imported from countries including China, a move aimed at containing high prices of metals and promoting domestic manufacturing.

Countervailing duty (CVD) is also being permanently removed on imports of certain hot-rolled and cold-rolled stainless steel flat products from China. Read here

Why Budget 2022 Is A Hit For MSMEs
Measures targeting critical factors, such as raw material and input costs and access to credit; supporting infrastructure and skill development; and facilitating ease of doing business announced

The budgetary announcements have been riding on optimistic sentiments vis-a-vis expectations on the growth rate of the GDP (even by the IMF) at comfortably over 8% this fiscal, with a strong balance of international reserves position at over USD 635 billion but mirrors global confidence on the Indian economy. Read here

"Union Budget Or Gujarat Budget?": Opposition's Dig Over A Proposal
Lok Sabha members heard Finance Minister Nirmala Sitharaman's 90-minute budget speech in rapt attention, barring the occasional remarks by opposition members and regular applause from the treasury benches.

Congress members protested the announcements related to strategic sale of Air India and Neelanchal Ispat Nigam Limited and the planned IPO of Life Insurance Corporation (LIC).

Several members were dismayed at the non-availability of the hard copies of the Budget Speech of the Finance Minister. Lok Sabha Speaker Om Birla said the speech copies would be available after the presentation of the Budget. Read here

"Most Capitalist Speech Ever": P Chidambaram Rips Into Finance Minister
The Union budget unveiled by finance minister Nirmala Sitharaman today will be rejected by the people, the Congress said today. The party's senior leader P Chidambaram, who was the finance minister in the Manmohan Singh government, especially issued a sharp takedown, telling reporters that the 'budget speech was the "most capitalist speech ever" and the Finance Minister "has mastered the jargon of capitalist economics". Read here

Budget "Gravely Disappointing", Says Hospitality Industry
The tourism and hospitality industry has termed the Union Budget 2022-23 as 'gravely disappointing', saying the measures announced by Finance Minister Sitharaman were not enough to support the sector that has been crippled by the COVID-19 pandemic.

In her Budget 2022-23 speech, Ms Sitharaman had acknowledged that hospitality and related services, especially those by micro and small enterprises, are yet to regain their pre-pandemic level of business.

Budget: Government To Tweak TDS Norms On Sale Of Immovable Property
One per cent TDS will apply on a non-agriculture immovable property of over Rs 50 lakh on the basis of sale price or the stamp duty value, which ever is higher, after an amendment in the Income Tax Act. Currently, the TDS is deducted basis only the consideration value of the immobile properties.

There is an inconsistency in the Income Tax Act regarding levy of Tax Deduction at Source (TDS). Finance Minister Nirmala Sitharaman on Tuesday proposed the amendment to do away the anomaly in the law.

PM's Instruction Was Very Clear, "No Additional Taxes": Nirmala Sitharaman
Prime Minister Narendra Modi had instructed that taxes not be raised amid the Covid pandemic, Union Minister Nirmala Sitharaman told reporters today after presenting the Union budget in parliament. PM Modi, she added, had given the same direction last year as well.

"Didn't want to increase tax at the time of pandemic... PM Modi's instruction was very clear --'No additional taxes'," Ms Sitharaman said. Read here

Winners And Losers In Today's Budget
Prime Minister Narendra Modi's government laid out India's budget for the financial year starting April 1, months after a devastating second Covid-19 wave that crippled small businesses and deepened the country's already vast inequalities.

Finance minister Nirmala Sitharaman Tuesday presented a budget that calls for a bigger spend to fire up growth in Asia's third-largest economy, as it stages a world-beating recovery from the pandemic.

Sitharaman proposed increasing the size of the economy's annual spending to Rs 39.5 lakh crore ($529 billion) to support growth plans. Read here

India Plans Record Borrowing To Spend Big To Spur Growth
India doubled down on its spending commitment, relying on an already swamped debt market to borrow and spend big to spur growth. Bonds tumbled and stocks rose.

Prime Minister Narendra Modi's administration will target a budget deficit of 6.4% of gross domestic product for the year starting April 1 -- wider than the median 6.1% seen in a Bloomberg survey -- as it prioritizes growth over fiscal consolidation. Read here

Budget "Very Depressing", No Relief To Middle Class: Shiv Sena
The Shiv Sena has dubbed the Union Budget as "very depressing", saying it has neither given any relief to the middle class nor it has any reference to Prime Minister Narendra Modi's vision of making India a "USD 5 trillion" economy.

After the Budget, Shiv Sena MP Vinayak Raut said the Union Budget 2022-23 only has jugglery of words like the PM-Gati Shakti, Atmanirbhar Bharat, while old schemes are presented as new. Read here

Will cryptocurrency be taxed? Here's what the Finance Minister said

"Profits from sale of digital assets will be taxed at 30%. Talks are on to draw up new regulation," says Finance Minister Nirmala Sitharaman.

"A currency is a currency only when issued by the central bank. RBI can issue digital currency. Everything outside of it, including the crypto world, are assets," Nirmala Sitharaman on being asked if even cryptocurrency would be taxed.

We are sure of achieving the numbers: Nirmala Sitharaman

We are sure of achieving the numbers, if anything we will better it, says Nirmala Sitharaman on targets mention in Budget 2022.

Union budget lacks special provision for farmers, common man: Rajasthan Chief Minister
Rajasthan Chief Minister Ashok Gehlot on Tuesday said the Union budget will further lead to rise in fiscal deficit and has no special provision for farmers, common man, poor and women.

"The fiscal deficit of the central government has doubled in the last seven years. After this budget, the deficit is going to rise further. There is no special provision for farmers, common man, poor, women and deprived sections in the budget," Gehlot said in a statement.

He said new employment figures have been presented in the budget but no concrete action plan has been made for it. "Its fate will also be similar to the promise of two crore jobs per year," the chief minister said.

Budget 2022 brings new hopes and opportunities for people: PM Modi
This budget brings in new hopes and opportunities for the people. It strengthens the economy; it's full of 'more infrastructure, more investment, more growth and more jobs'. There is also a new provision of green jobs; budget ensures a bright future for youth, PM Modi said today.

Ken-Betwa river link to be completed with Rs 44,605 crore: Budget 2022-23
The implementation of Ken-Betwa rivers linking at an estimated cost of Rs 44,605 crore will be taken up, Finance Minister Nirmala Sitharaman said on Tuesday.

She said the draft DPRs of five river links, namely Damanganga-Pinjal, Par-Tapi-Narmada, Godavari-Krishna, Krishna-Pennar, and Pennar-Cauvery have been finalized.

"Zero Sum Budget": Rahul Gandhi, Opposition Condemn Centre
The opposition Congress has sharply criticised the Union budget presented by Finance Minister Nirmala Sitharaman in parliament today, saying it has nothing for the middle classes.

Budget 2022: E-Passports, 5G, Battery Swapping: What This Budget Has For You
From 5G services to battery swapping for EV vehicles to e-passports, budget announcements for you and me

Extremely Disappointing, A Damp Squib: Shashi Tharoor On Budget 2022

Congress MP Shashi Tharoor on Tuesday said that the Union Budget is "extremely disappointing, a damp squib" and there is absolutely nothing.

Speaking to ANI, the Congress MP said there is no mention of MGNREGA, Defence or any other urgent priorities facing the public.

"Extremely disappointing, a damp squib! There seems to be absolutely nothing in this Budget. It's an astonishingly disappointing Budget. When you listen to the speech, no mention of MGNREGA, of Defence, of any other urgent priorities facing the public," said Mr Tharoor.