Budget Released For Financial Year 2022-23
30% Flat Tax On Cryptocurrencies: Finance Minister Nirmala Sitaraman presented the Union Budget of the financial year 2022 on Tuesday. The budget was praised by Prime Minister Narendra Modi on release. He referred to the budget as being perfect for the rapid growth of the country. Also, this budget will play a major role in India’s development and prove to be the vessel to overcome the problems that occurred due to pandemics.
Fourth Union Budget 2022 is an ideal proposal for the country to achieve the highest growth rate of 9.27% in the world. There will be no concessions or incrementations on the tax rates. By the decision of no reductions in taxes, the middle-class taxpayers are most disappointed. In these pandemic situations, they have suffered the most. They hoped that the fourth Union budget would bring some adequate financial news and boost their savings. But all the hopes were dashed and the conditions were unchanged.
30% Flat Tax On Crypto Gains
The release of the fourth Union budget brings the most shocking news for crypto traders. 30 percent flat tax rates on crypto gains will be implemented. Any income generated through trading cryptos is taxable under these conditions. This is the most shocking news for crypto traders who have invested their money in the hope of high gains. No concessions are allowed, even 1% tax (TDS) will be deducted if someone receives a gift of digital assets or any such transactions done. The tax of such gifted digital assets is to be paid by the recipients.
Digital Rupee- Central Bank Digital Currency
India announces its first digital currency to be introduced in the new fiscal year. Nirmala Sitaraman presents the fourth union budget with the news of the upcoming digital currency “Digital Rupee”. This proposal will be great news for crypto traders and will play a major role in the development of the Indian economy. With the announcement of the Digital Rupee, crypto traders now seeing an opportunity to invest. They are planning to add Indian digital currency to their portfolio.