Budget 2022 LIVE Updates: Crypto is not currency, says FM

/ 4 min read

Finance minister Nirmala Sitharaman, while presenting her fourth Union Budget, said that any income from transfer of any digital assets shall be taxable at 30%.

Finance minister Nirmala Sitharaman
Finance minister Nirmala Sitharaman | Credits: Narendra Bisht

Finance minister Nirmala Sitharaman today presented her fourth Union Budget. In a big bang infrastructure push, the finance minister allocated ₹7.5 lakh crore towards capital expenditure for 2022-23, a 35.4% jump compared to last year. While there was no major income tax relief for the middle class, the FM said that any income from transfer of any digital assets shall be taxable at 30%.

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ECLGS scheme extended till March 2023

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"There is increased focus on employability, e-skilling, employment generation in the MSME sector and recruitment with a view to formalise entrepreneurial opportunities. This augurs well given the rise of unemployment in recent times," says Tapati Ghose, partner, Deloitte India

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Govt taxes crypto transactions at 30%
LTCG surcharge capped at 15%

12:20 pm: Long-term capital gains (LTCG) tax on unlisted entities brought on par with listed entities. LTCG surcharge capped at 15%, says Sitharaman.

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"Reduction of surcharge on unlisted shares is a big step. 28.5% will become 23%. Another big one in digital asset taxation," says Girish Vanvari, founder of Transaction Square and former national tax head of KPMG India.

No tax relief for the middle class

01:15 pm: "We are facing terrible inflation and there's no tax relief for the middle class. This is a Budget that seems to be pushing the mirage of 'achhe din' even farther away. Now it's India at 100, we'll have to wait for 25 more years for 'acche din' to arrive," says Congress MP Shashi Tharoor

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"Betrayal of India's salaried class & middle class," says Congress

01:45 pm: Randeep Singh Surjewala, general secretary of the Indian National Congress, described the Budget as a betrayal of India's salaried and middle class. "India's salaried class & middle class were hoping for relief in times of pandemic, all round pay cuts and back breaking inflation. FM & PM have again deeply disappointed them in Direct Tax measures."

Surjewala also asked the government if cryptocurrency is now legal.

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