Budget 2022 Updates: No Changes in Income Tax; FM Sitharaman Ends Shortest Budget Speech

Budget 2022 News LIVE Updates: The Emergency Credit Line Guarantee Scheme introduced to help MSMEs amid the COVID-19 pandemic, has been extended till March 2023

Proposing a new provision to file an updated return on payment of additional tax. This can be file within 2 years. This will enable the tax payee to declare an income if they have missed out earlier, said the finance minister in the Budget 2022.

The finance minister said virtual digital assets to have taxregime. Any income from transfer of such asset shall be taxed at 30 percent. Nirmala Sitharaman has proposed to launch a digita currency from FY23, which will be issued by the Reserve Bank of India. "The digital currency will be generated by using blockchain technology," she said.

The Emergency Credit Line Guarantee Scheme (ECLGS) that was introduced by the Finance Ministry in 2020 to help Micro, Small and Medium Enterprises (MSMEs) amid the COVID-19 pandemic, has been extended till March 2023.

Finance Minister Nirmala Sitharaman on Tuesday began the presentation of the Budget 2022 in the Lok Sabha. She started her speech by talking about the COVID-19 pandemic. "I am confirdent that with sabka prayas we will continue our efforts," she said.

Sitharaman, who had in her first budget in 2019 replaced leather briefcase - which had been in use for decades for carrying budget documents - with a traditional red cloth 'bahi-khata', has spurt in tax collections to her aid in the Budget 2022 that is expected to a spend-all budget.

Nirmala Sitharaman has proposed to launch a digita currency from FY23, which will be issued by the Reserve Bank of India. "The digital currency will be generated by using blockchain technology," she said.

The Finance Minister proposed to allow a payment annuity and lump-sum amount to dependents of differently-abled, during lifetime of parent or guardian reaching 60 years in the Budget 2022. The finance minister said virtual digital assets to have tax regime. Any income from transfer of such asset shall be taxed at 30 percent.

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