What did you get in Budget 2022: Everyone was disappointed on Income Tax; But the Finance Minister said – Tax has not been increased for two years, what is this less…

Posted on 1st Feb 2022 by rohit kumar

The wave of expectations was defeated and Nirmala Sitharaman also presented the budget. Said 1 hour 31 minutes, but everyone is saying that this budget seemed like a mere speech. The tax slab has not changed. There is no concession related to Corona. Farmers have only got a say.

 

Why was the finance minister not given tax exemption to the middle class in a later press conference? But also clarified. Said- We have not increased tax for two years. This is a matter of great relief. This budget is the budget of the common people.

 

The Finance Minister has said some such things on which the discussion is going on. For example- the government will now launch a digital currency. Also, cryptocurrencies, which have become the most popular means of investment, will attract a 30% tax on earnings.

 

Along with these two new announcements were also made. First- The government will form the AVGC Promotion Task Force, looking at the employment prospects in animation, visual effects, gaming, and comics, ie the AVGC sector. And second- Digital University for Professional Education.

 

There are just eight things in the total accumulated budget, which are worth sharing with you. Let's do it now, but before that let us tell you that we are doing all this in the same order as you told us.

 

You had expressed hope in this sequence...

 

1. Income Tax: Disappointment for the 9th year in a row, no change

It was awaited that there would be a change in the income tax slab. There was no change in it even in the 9th year. There was an expectation of increasing the limit of tax-free income, this announcement was not even made.

 

Scope of tax-free income not increased, tax slab not revised

Facility to update your two-year-old tax return

 

2. Employed: Hopes dashed here too, no big announcement

It was expected that the scope of 80C would be extended. Employees who have been accustomed to working from home culture during the Corona period will get relief, but it did not happen. The number of such employees was more than 82%, who do not want to go to the office.

 

The old limit of 1.5 lakh in investments and expenses under 80C

No special allowance given for work from home worker

 

3. Business and GST rates: Package for MSMEs, praise of GST

 

The most affected businessmen were during the time of Corona. Last year, the government had announced Rs 15 thousand 700 crores for MSMEs. This time also the package was announced. Along with this, there was mention of the feel-good factor on GST.

 

6 thousand crores for the next 5 years for MSME

Focus on digital infrastructure, e-portal launched

Startups will get promotion for drone power

Record 1.4 lakh crore GST collection in January

 

4. Farmers: PM Kisan Samman Nidhi did not increase, but other announcements were made

 

It was expected that the Prime Minister's Kisan Samman Nidhi would be increased from 6 thousand to 9 thousand, but it did not happen. Yes, some other announcements will prove beneficial for the farmer.

 

Promotion of farmer drones, natural farming, land digitization

2.37 lakh crore of MSP will go directly to farmers' account

Agriculture startups will be financed through Nabard

5 km on the banks of the Ganges. Focus on organic farming within the scope of

 

5. Women: None of the expectations that were there were fulfilled

 

Women were expecting income tax exemptions, concessions on home loans, and investments in mutual funds, but there was no major announcement that would affect their income or expenditure relief.

 

2 lakh Anganwadis will be upgraded to become capable Anganwadi

 

Custom duty on diamonds and gems reduced to 5%

Diamond jewelery will be cheaper, customs duty on imitation jewelery will be 400/kg

 

6. Cryptocurrency: 2 Big Announcements Made, Both Will Have a Big Impact

The most popular investment medium cryptocurrency has been legalized. There are over 100 million cryptocurrency users in India. A big announcement has also been made regarding digital currency.

 

A tax of 30% on earnings from cryptocurrencies

Transferring assets digitally will attract 1% TDS

Reserve Bank of India will bring digital currency this year

Blockchain technology will be used in digital currency. Health Sector and Social Welfare: Only a matter of focus, no announcement

The third wave of Corona continues. Last time Rs 2.38 lakh crore was given to the health sector. This time it was expected to increase by 50%, but it did not happen.

 

Announced to focus on health infrastructure

Focus on health and other development of North-East

95% health infrastructure strong in 112 districts of North-East

Program for mental health counseling will start

 

8. Railways: No big announcement, no privatization or world-class stations

No big announcement has been made regarding the railways. This means that there has been no increase in passenger fares. Apart from this, there is no mention of bullet trains and world-class stations.

 

400 new generation Vande Bharat trains will run in next 3 years

100 Pradhan Mantri Gatishakti Cargo Terminal will also be developed

Will find innovative ways to develop a metro system

Railways to develop products for small farmers and MSMEs

 

Newest and most important: Gaming and animation will become part of the economy

Sitharaman said that there are immense employment opportunities in the Animation, Visual Effects, Gaming, and Comics ie AVGC sector. In such a situation, the Finance Minister announced the formation of the AVGC Promotion Task Force. This task force will interact with all the stakeholders associated with it. We will explore such avenues by which we can meet the local demand and also participate at the global level. There will be huge employment opportunities in this sector.

 

Know more important announcements of Sitharaman

 

1. 60 lakh new jobs will be created.

2. 80 lakh houses will be built for the poor, for this Rs 48000 crore budget.

3. In 2022-23, e-passports will be issued, which will have a chip.

4. Now ATMs will also be available in post offices.

5. One class-one TV channel program of PM e-Vidya will be increased from 12 channels to 200 channels, channels will be in regional language. Digital University for Vocational Education.

 

Lok Sabha Speaker's smile before the budget, Finance Minister's Mahabharata

Before the budget, when Nirmala Sitharaman was going to present the budget, Lok Sabha Speaker Om Birla smiled and said that the minister will read the digital budget. It was expected that like last time, Sitharaman would also read some Sher-o-Shayari. It did not happen. Yes, one lesson of Mahabharata was told to the people.