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Tax Revenues in 2021-22 exceed the Union Budget estimates by Rs. 5 lakh crore

The tax revenue in the Union Budget for 2021-22 was estimated at ₹22.17 lakh crore against the revised estimates of ₹19 lakh crore, with a growth of 17%. The Union Budget was presented on 1st February, 2021 when the 1st COVID wave had tapered off in India but the world was facing successive waves. Against the Union Budget estimates of ₹22.17 lakh crore, the revenue collections as per the pre-actual figures is ₹27.07 lakh crore, almost ₹5 lakh crore above the budget estimates. T..

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FM says Union Budget aptly supports next phase of growth and aspirational economy

Prime Minister addresses Plenary Session of Post-Budget webinar on 'Financing for growth and aspirational economy' Prime Minister emphasises on foreign capital flows and infrastructure financing Finance Minister says Union Budget aptly supports next phase of growth and aspirational economy Ministry of Finance Webinar witnesses in-depth discussions on themes of finance, infrastructure, banking, digital economy, climate finance and sunrise sectors The Ministry of Finance organised a Po..

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Union Budget 2022-23 encourages power of youth: FM Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman said that Union Budget 2022-23 recognises and encourages  the potential of youth, their technological skills and entrepreneurial spirit. "In the 75th year of our independence, the next 25 years are very critical to India’s development; therefore we wanted this year’s Budget to encourage the power of youth, the power of entrepreneurs," she said.           "With the loc..

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Role of cryptocurrencies and tax implications in Budget 2022

The Finance Bill, 2022, proposes to define VDA by way of inserting clause (47A) to Section 2 of Income Tax Act, 1961 (IT Act). The definition starts with the term 'means' which makes it clear that it is exhaustive in nature and the intention of the legislature is to freeze the scope of the term. Further, it is clear from the definition that the scope of VDA does not include Indian currency or foreign currency. Cryptocurrency has not yet been given legal sanction in India though it has be..

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Introduction of Digital Rupee - New Digital Currency

Finance Minister, SmtNirmala Sitharaman, has announced the introduction of Digital Rupee to be issued by the Reserve Bank of India starting 2022-23 while presenting the Union Budget 2022-23 in the Parliament. The Reserve Bank of India will launch the CBDC from the upcoming financial year that will be backed by blockchain technology.   Key Highlights RBI to introduce Digital Rupee using Blockchain and other technologies. A digital version of fiat currency is, by definition, an ..

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Union Budget 2022-23: Proposed Changes relating to Income Tax Search and Seizure Provisions

Introduction The Hon'ble Union Finance Minister Nirmala Sitharaman has presented the Union Budget 2022-23 of India on the 1st of February, 2022 with an aim to boost growth amid continued disruption from Covid-19 and rising inflation. The Hon'ble Finance Minister mentioned that the country is expected to grow at 9.27 per cent in the coming year with a focus on four pillars of development - inclusive development, productivity enhancement, energy transition and climate action. In the ..

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Taxation in Crypto World! Your loss is your loss and Your gain is Government's Gain!

Arjuna (Fictional Character): Krishna, Honourable Finance Minister Mrs. Nirmala Sitharaman had declared the Finance Budget of 2022-23 on 01st February in the Lok Sabha. And this year the government decided to tax Virtual digital assets (VDA) so what was the reason behind doing this? Krishna (Fictional Character): Arjuna, in recent year there were lot of people dealing in Virtual digital assets (VDA) and there were ambiguities over-taxation of virtual assets among the traders, hence in this bu..

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Union Budget 2022-23 aimed at making India future-ready: Shri Piyush Goyal

Union Budget 2022-23 is a direction setting budget aimed at making India future ready - Shri Piyush Goyal Union Minister for Commerce and Industry,  Textiles and Consumer Affairs, Food and Public Distribution, Shri Piyush Goyal today termed the Union Budget 2022-23 as a direction setting budget, addressing both macro-economic and micro-econimic concerns, looking at inclusive development. Speaking at a Public Function to explain the nuances of the Union Budget in Mumbai today, the Mini..

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How Fiscal Deficit, Revenue Deficit and other key figures prepared for Budget 2022

What is the amount of receipts (AOR) which the government is budgeted to be received in this budget 2022? Total budgeted receipts are 39,44,909 crore out of which 56% is revenue receipts i.e revenue from tax and balance 46% is majorly from loans and borrowings. The percentage is higher than as compared to the figures related to the actuals of the financial year 2020-2021.   What is the meaning of fiscal deficit (FD) , revenue deficit (RD), effective revenue deficit (ERD) and the pr..

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Life of Crypto

Crypto currencies are something that most of us have heard of from time to time through various venues. Such information has filled our social media feeds. Crypto has made a few people wealthy, and it has inspired others to pursue their dreams of establishing a niche. So, what's all the fuss about it, and why has it become so important that it was even featured in our Union Budget for 2022? This is not a guide to the crypto world, where to invest, or how to invest, rather, it is about how..

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Key Highlights of Union Budget 2022-2023

Following are the key highlights of Union Budget 2022-23 as announced by Hon'ble Finance Minister Smt. Nirmala Sitharaman during her 4th Budget session on 1st February 2022   The Emergency Credit Line Guarantee Scheme (ELCGS) has been extended in this budget and increased to a total cover of Rs. 5 Lakh crore especially for hospitality sector, the revamp of Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE). The Government has intr..

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Decoding Digital rupee as announced in Union Budget 2022

Finance Minister has announced the reserve bank of India (RBI) will soon issue a central bank - backed digital currency (CBDC). What is CBDC, and what is need for it? What changes will it bring for country? CBDC is the legal tender issued by the central bank in digital form. Budget 2022 is death of crypto assets in India. Introduction of CBDC will give a big boost to India's digital currency.It will lead to more efficient and cheaper currency management system. It is the same as a fiat cu..

Posted in articles |   996 Views


Decoding Barbell Strategy

Budget 2020 had mentioned Indian economy's approach towards Barbell strategy focusing the shift from the conventional waterfall approach which had a number of shortcomings. So, what exactly is the barbell strategy and why India had to adopt the same. I read several articles on this topic but almost all of them used technical terminologies and hence were quite difficult to interpret. Therefore, this is an attempt to simply the concept. During the pandemic 2020, there was a lot of uncertain..

Posted in articles |   3294 Views


Budget 2022: Major changes in GST Act 2017

Dear Friends, The Union Budget-2022, presented by Finance Minister Mrs. Nirmala Sitaraman is a non-political and one of the best budgets presented for India. This Budget is a growth oriented and the government has presented it keeping in mind 25 years roadmap of development of India. This Budget shows seriousness of Government of India and its interest in development of India. The Government proposed to increase 35% of its spending on asset creation and on various infrastructure projects. ..

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Synopsis on Union Budget 2022

The budget is not to get when it buds, But, allow to bud and grow, and then getting a share".(A quote from the author's book on Poems from A to Z published) "Taxing is an art and do it with a heart, As honey bees drink from flowers benefiting all". Budget is to Boost economy in all fronts, Undertaking constructive activities on all aspects dealt with in the article & more required to Deliver people at large to Get the required benefits so as to obviate..

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Significant Direct Tax Proposals in the Finance Bill 2022

Rates of Tax and Surcharge Rates of Tax In the Union Budget, 2022, there is no proposal for changing the rates of tax applicable for individuals or HUFs or AOPs or BOIs or Artificial Juridical persons or Firms or Co-operative societies or companies. Therefore, tax rates applicable for such persons would remain unchanged for the A.Y. 2023-24. Likewise, the basic exemption limit of Rs. 2,50,000/ Rs.3,00,000/ Rs. 5,00,000 would continue to be same for individuals /HUFs /AOPs /BOIs. Alterna..

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Sec 115BBD: Withdrawal of concessional taxation rate on dividend income

Withdrawal of concessional rate of taxation on dividend income under section 115BBD 1. Section 115BBD of the Act provides for a concessional rate of tax of 15 % on the dividend income received by an Indian company from a foreign company in which the said Indian company holds 26 % or more in nominal value of equity shares (specified foreign company). This rate was aligned to the rate of tax provided under section 115-O of the Act. 2. Finance Act, 2020 abolished the dividend distribution tax..

Posted in news |   795 Views


IT exemption under certain clauses of Sec 10 withdrawn

Withdrawal of exemption under clauses (8), (8A), (8B) and (9) of section 10 of the Income-tax Act, 1961- reg 1. Clause (8) of the section 10 of the Act provides for exemption to the income of an individual who is assigned duties in India in connection with any co-operative technical assistance programmes and projects. Such co-operative technical assistance programmes and projects are required to be in accordance with an agreement entered by the Central Government and the Government of a forei..

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Sec 276BB to be included for prosecution against persons failing to pay TCS

Alignment of the provisions relating to Offences and Prosecutions under Chapter XXII of the Act 1. Sections 269UC/UE/UL along with other provisions of Chapter XX-C have been made inapplicable with effect from 01.07.2002. Vide Finance Act, 2002, section 269UP was introduced providing that the provisions of the Chapter shall not apply to, or in relation to, the transfer of any immovable property effected on or after 01.07.2002. Consequently, prosecution provisions u/s 276AB are not relevant, as..

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Scope of Sec 285B widened to expand the reporting requirements in Form 52A

Widening the scope of reporting by producers of cinematograph films or persons engaged in specified activities 1. Under section 285B, the producer of cinematographic films is obliged to furnish within 30 days from the end of the financial year or from the date of completion of the film, whichever is earlier, a statement containing particulars of all payments over Rs. 50,000/- in the aggregate made by him or due from him to each person engaged by him. 2. It is proposed to widen the scope of..

Posted in news |   351 Views





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