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Budget 2022-23: Finance Minister ignores salaried class; no income-tax relaxation

By: Pallab Ghosh
Radiance News Service

If you thought that Finance Minister Nirmala Sitharaman would give some relief in the Union Budget 2022-23 then you were expecting too much perhaps because the Finance Minister did not give any relaxation to the salaried class in the budget. However, there were no changes either which means the present tax slab remains the same at Rs 50,000. If you think still it's better rather than having an increase then it's a comparatively good budget. "I was expecting a relaxation as the present COVID has not only put extra burden financially but has also snatched livelihood for many households who had a decent income", said Rashika Gala, working with a PR company. "Well, I feel the Finance Minister should have thought of salaried people too" said Samar Roy Chaudhary, working with a private company. 

The Finance Minister announced that soon Reserve Bank of India (RBI) will introduce a digital rupee or currency on the blockchain. On the other hand, those who are earning from digital assets or cryptocurrency will have to pay 30 per cent tax. This will be applicable to those who are receiving the assets as gifts and they will have to pay the 30 per cent tax. Earlier, there was no such tax on digital or cryptocurrency.  "In other words, the government is taking the digital payment and digital currency seriously. Honestly, I cannot react to this as I have to read the details. Just heard the Finance Minister announcing the 30 per cent tax", said Namneet Johri, dealing in cryptocurrency.

Quick glance at some of the salient features of Budget: 

  • 80 lakh houses to be constructed under Pradhan Mantri Awas Yojana in 2022-23 fiscal year.
  • Two lakh Aganwadis to be upgraded across India under Saksham Aganwadi scheme.
  • Villages, remote regions to have a digital connection. Bharat Net optical fiber across India by 2025 under PPP model.
  • 5G facilities to roll out in 2022-23 fiscal year by private players.
  • Reduction upto 15 per cent on MAT to Cooperative societies. A seven per cent surcharge was also proposed.
  • Allocation to defence budget.