Union Budget 2022: I-T slabs same, returns window wider

Belying expectations Finance Minister Nirmala Sitharaman did not tinker with the personal income tax rates in the Budget for 202223 perhaps picking a safe ground ahead of assembly elections in five statesThe minister also did not raise standard deduction which was widely anticipated in view of elevated inflation levels and impact of the pandemic on the middle class The standard deduction currently stands at Rs 50000There was no change income tax slabs in the personal income tax category in the Budget unveiled on Tuesday The corporate tax rate too was kept at the same level However concessional rate of 15 per cent has been extended by one year for newly incorporated manufacturing unitsThough the government has yet to confirm whether and how it will allow cryptocurrencies the Budget speech appeared to confirm it Sitharaman said that income from digital assets will be taxed at 30 per cent the highest tax band in the countryTo provide impetus to trustbased governance as a concept an updated tax return system has been introduced wherein a taxpayer can file a tax return upon payment of specified taxes within 2 years from the end of the relevant assessment yearTo give a boost to the startup community she capped the surcharge on longterm capital gains at 15 per cent nowThe minister raise spending on highways to affordable housing with a view to fire up the key engines of the economy to sustain a worldbeating recovery from the pandemicLike last year this yearrsquos Rs 395 lakh crore Budget gave a big boost for infrastructure spendingmdashfrom 5G spectrum auction expanding national highways by 25000 kms The Budgetrsquos ldquoapproach is driven by seven enginesrdquo Sitharaman said listing roads railways airports ports mass transport waterways and logistics infrastructure as the key areasSensex gains 848 pointsThe BSE Sensex jumped over 848 points to close at 5886257 on Tuesday as investors cheered the infrastructure boost provided in the Budget The Nifty gained 237 points to end at 1757685Rs 14l crGST collection in JanuaryDonrsquot chuck last yearrsquos umbrella Indiarsquos growth estimated at 92 per cent to be highest among large economies Duty relief on parts of mobile phone chargers camera lens of mobile camera module Customs duty on umbrellas raised to 20 per cent exemption to parts of umbrellas withdrawn Customs duty on cut polished diamonds gemstones cut to 5 per cent Customs duty of at least Rs 400 per kg to be paid on imitation jewellery import Tax deduction limit increased from 10 per cent to 14 per cent on employerrsquos contribution to the NPS account of state govt employees Payment of annuity and lump sum amount from insurance scheme to be allowed to differently abled dependent during the lifetime of parentsguardians ePassports with embedded chip futuristic technology to be rolled out Battery swapping policy to be brought out for setting up charging stationsThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever