FM Nirmala Sitharaman announced that the Reserve Bank of India will be introducing a digital rupee in her Union Budget 2022-23 speech on February 1, 2022. The introduction of the central bank digital currency will give a huge boost to the economy. The digital rupee introduced by the RBI will be held in a digital wallet, under the supervision of the central ban.
Check Key Highlights of Capital Expenditure Hike by 30%
Union Finance Minister Nirmala Sitharaman announced a 35% increase in the capital expenditure in Fiscal year 2022-23. The capital expenditure will be increased to Rs 7.5 lakh crore in Union Budget 2022-23 from Rs 5.5 lakh crore previously. Capital expenditure is the amount spent by the government on the development of infrastructure, facilities, equipment etc.
Income Tax 2022 Budget: No change in Income Tax slabs
Union Finance Minister Nirmala Sitharaman announced that individuals will now be able to file an updated Income Tax Return within two years of the relevant assessment year. The Finance Minister did not announce any change in the income tax slabs. The income tax slabs and rates will remain same as before.
What Got Costlier and Cheaper?
Union Finance Minister Nirmala Sitharaman announced slew of changes in the customs duty for several products in her Union Budget Speech 2022, which will invariably affect the price of the commodities. Finance Minister Nirmala Sitharaman announced 5% deduction in customs duty on gems, cut and polished diamonds. The customs duty on imitation jewelry and chemicals has also been reduced. The customs duty on umbrellas has been increased to 20%.
FM Nirmala Sitharaman presented Union Budget 2022 in Parliament today. Income Tax Slabs and rates are same as before. One of the major Budget 2022 announcements include taxation on transfer of virtual assets.
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