New Delhi. Finance Minister Nirmala Sitharaman is presenting her fourth budget in Parliament on Tuesday. Presenting the budget for the financial year 2022-23, Finance Minister Nirmala Sitharaman said that no change has been made in the income tax slab in the budget. This has left the common man disappointed. Nirmala Sitharaman did not talk about income tax slabs in her budget speech. Meaning there will be no change in it. The middle class was demanding a change in this and increasing the limit of standard deduction.
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The Central Government contributes 14 percent to the National Pension Scheme for its employees. However, only a maximum of 10 per cent of the salary of a state government employee goes to the pension account. To eliminate this discrimination, 14 percent share of state government employees in NPS will now come under the purview of tax deduction.
Sitharaman said that tax on electronics will be exempted. At the same time, the custom duty on gems and jewelery has been reduced to 5 percent. Custom duty on fake jewelery will be Rs 400 per kg. Custom duty on steel scrap is being increased for one more year. Apart from this, the goods related to agriculture will be empowered.
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Income from digital currency (cryptocurrency) is taxed at 30 per cent. Apart from this, 1 percent TDS will also be levied on the transfer of virtual currency. It was said that if the virtual asset is given as a gift, then the tax will be paid by the person to whom the virtual asset is received as a gift. It has also been informed that the digital currency of Rupee will be launched this financial year.