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Income Tax Budget 2022: ITR filing norms revised, tax on income from cryptocurrency at 30%

Finance Minister Nirmala Sitharaman on Tuesday, February 1 presented the much-awaited Budget 2022-23 and no change has been announced in personal income tax slabs.

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Income Tax Budget 2022

Personal taxations remain one of the most anticipated announcements during the Union Budget. Finance Minister Nirmala Sitharaman on Tuesday, February 1 presented the much-awaited Budget 2022-23 and no change has been announced in personal income tax slabs.

The Finance Minister revised the tax filing norms. Taxpayers who made errors while filing return can file their updated returns by payment of taxes within 2 years from the end of the relevant AY. Taxation of cryptocurrencies will be taxable at 30 percent and TDS will be applicable beyond a specified monetary threshold. A new digital rupee powered by blockchain technology will be issued by the Reserve Bank of India.

To help the social security benefits of state government employees and bring them with the Central government employees, both Centre and State government employees tax deduction limit has been increased from 10% to 14%. Long-term capital gains on equities have been capped at 15%.

Announcing the tax relief to people with disabilities, the FM said that annuity and lumpsum received to parents or guardians attaining 60 years during the lifetime of the disabled person will be eligible for tax relief. Apart from this, the corporate surcharge will be reduced from 12% to 17%.

Nirmala Sitharaman also announced the gross GST collections for the month of January 2022 which is Rs 1,40,986 crores and the highest since the inception of GST.

Read Also: Budget 2022: When and where to watch live speech of Finance Minister Nirmala Sitharaman

The income tax slabs were last revised in 2014 by then finance minister Arun Jaitley. He had hiked the basic income tax exemption limit from Rs 2 lakh to Rs 2.5 lakh. The exemption limit was raised from Rs 2.3 lakh to Rs 3 lakh for senior citizens.

In Budget 2021, the timeline for the reopening of tax cases was reduced from 3 years to 6 years. FM had also announced that serious tax offences of concealment of income of over Rs 50 lakh can be reopened after 10 years.

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NIA takes over Pahalgam terror attack case from J&K Police

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The National Investigation Agency (NIA) has assumed control of the investigation into the devastating Pahalgam terror attack, taking over from the Jammu and Kashmir Police to probe the April 22, 2025, assault that killed 26 tourists, including one Nepali citizen, and injured over three dozen others.

The agency registered a fresh First Information Report (FIR) late Saturday, April 26, following directives from the Ministry of Home Affairs’ Counter Terrorism and Counter Radicalisation (CTCR) division, prompted by the attack’s severity and the involvement of The Resistance Front (TRF), a proxy of the Pakistan-based Lashkar-e-Taiba (LeT), which claimed responsibility.

Five days after the attack and four days after an NIA team, led by a Deputy Inspector General, visited the Baisaran meadow attack site near Pahalgam, the agency formally launched its probe. The team had initially supported local police in investigating what is considered the deadliest civilian attack in Jammu and Kashmir in nearly two decades.

The NIA is now tasked with conducting a comprehensive assessment, collecting forensic evidence, and identifying the perpetrators of the 2 p.m. massacre, which shattered the tranquility of a popular tourist destination. Helicopters were deployed to evacuate the wounded, underscoring the scale of the tragedy.

The attack coincides with a surge in tourist arrivals to Kashmir, raising concerns ahead of the 38-day Amarnath Yatra, set to begin on July 3. Against this backdrop, intelligence agencies have compiled a list of 14 local terrorists, aged 20 to 40, actively supporting Pakistan-based operatives with logistics and ground operations.

These individuals, affiliated with Hizbul Mujahideen, LeT, and Jaish-e-Mohammed (JeM), include Adil Rehman Dentoo (LeT’s Sopore commander since 2021), Asif Ahmed Sheikh (JeM’s Awantipora commander since 2022), Ahsan Ahmed Sheikh (LeT, Pulwama, since 2023), Haris Nazir (LeT, Pulwama, since 2023), Aamir Nazir Wani (JeM, Pulwama, since 2024), Yawar Ahmed Bhat (JeM, Pulwama, since 2024), Asif Ahmed Khanday (Hizbul Mujahideen, Shopian, since 2015), Naseer Ahmed Wani (LeT, Shopian, since 2019), Shahid Ahmed Kutay (LeT/TRF, Shopian, since 2023), Aamir Ahmed Dar (LeT, Shopian, since 2023), Adnan Safi Dar (LeT/TRF, Shopian, since 2024), Zubair Ahmed Wani (Hizbul Mujahideen’s Anantnag commander since 2018), Haroon Rashid Ganai (Hizbul Mujahideen, Anantnag, trained in PoK in 2018), and Zakir Ahmed Ganie (LeT, Kulgam).

Security forces have intensified operations in South Kashmir, particularly Anantnag and Pulwama, targeting these operatives to disrupt terror networks. The NIA is also exploring links between these 14 individuals and five terrorists involved in the Pahalgam attack, including three Pakistani nationals—Asif Fauji, Suleman Shah, and Abu Talha—whose sketches were released earlier, and two local operatives, Adil Guri and Ahsan, with a ₹20 lakh bounty on each.

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Terrorists shoot dead social activist Ghulam Rasool in J&K’s Kupwara

His words underscore a growing international consensus on the need for collective action to address the scourge of militancy, particularly as India-Pakistan tensions flare.

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In a grim reminder of the region’s fragile security, suspected terrorists shot dead 45-year-old social activist Ghulam Rasool Magray in his home in Kandi Khas, Kupwara district, late Saturday night.

According to officials, the assailants fired at Magray inside his residence, and despite being rushed to a hospital, he was declared dead on arrival. The motive behind targeting the activist remains unclear, deepening the unease in a region still reeling from the recent Pahalgam terror attack.

Authorities have launched an investigation to uncover the circumstances and perpetrators of this brazen killing.

The murder follows the devastating Pahalgam attack on April 22, which claimed 26 lives, mostly tourists, and was attributed to The Resistance Front, a front for the banned Lashkar-e-Taiba. In response, security forces have escalated their crackdown on the terror ecosystem. On Saturday night, officials demolished the homes of three active terrorists across Jammu and Kashmir, signaling zero tolerance for militancy. In Shopian’s Wandina, the residence of Adnan Shafi, who joined terrorist ranks in 2024, was razed. In Pulwama, the house of Amir Nazir met a similar fate, while in Bandipora, the home of Jameel Ahmad Shergojri, a Lashkar-e-Taiba operative since 2016, was reduced to rubble. These actions reflect the government’s resolve to dismantle terror networks in the wake of escalating violence.

The Pahalgam attack has reverberated beyond India’s borders, drawing condemnation from Iranian President Masoud Pezeshkian during a phone call with Prime Minister Narendra Modi on Saturday, April 26. In a statement shared on X by Iran’s embassy in New Delhi, Pezeshkian labeled the attack “inhumane” and called for regional solidarity to combat terrorism. “Such tragedies compel nations to unite in empathy and cooperation to uproot terrorism and secure lasting peace,” he said. His words underscore a growing international consensus on the need for collective action to address the scourge of militancy, particularly as India-Pakistan tensions flare.

The killing of Magray comes amid heightened India-Pakistan friction, with New Delhi suspending the 1960 Indus Waters Treaty and Islamabad retaliating by closing its airspace to Indian airlines and threatening to suspend bilateral agreements. Cross-border skirmishes along the Line of Control have intensified, with the Indian Army reporting exchanges of fire for two consecutive nights

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Congress chief Kharge says PM Modi was addressing rally in Bihar after skipping all-party meet on Pahalgam terror attack

“If you stop the water, where will you store it? Do we have the dams for it? These issues will be addressed later, not now,” he cautioned.

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Congress president Mallikarjun Kharge sharply criticized Prime Minister Narendra Modi on Saturday for skipping an all-party meeting in Delhi convened to address the Pahalgam terror attack, which killed 26 people.

Kharge accused the Prime Minister of not treating the tragedy with the seriousness it deserved, pointing out that Modi chose to address an election rally in Bihar instead of attending the crucial discussion.

Speaking to reporters, Kharge revealed that the all-party meeting, attended by himself, Leader of Opposition Rahul Gandhi, and representatives from various political parties, saw Defence Minister Rajnath Singh, who chaired the session, acknowledge security lapses in the attack.

“I raised the issue of the Prime Minister’s absence right at the start. When 26 lives have been lost and many injured, his absence shows a lack of seriousness,” Kharge said, expressing dismay at Modi’s decision to prioritize a campaign event over national security deliberations.

Kharge lamented the government’s failure to protect citizens despite a three-tier security system in Pahalgam. “Instead of addressing us on how this happened—whether it was a security, intelligence, or police failure—Modi was busy delivering speeches in Hindi and English at a rally,” he remarked.

He disclosed urging Union Home Minister Amit Shah to treat the incident as a challenge and ensure such tragedies are prevented in the future. “Shah assured us that steps would be taken to avoid recurrence,” Kharge noted, stressing the need for robust arrangements.

Emphasizing national unity, Kharge affirmed the Opposition’s support for the government’s decisions in combating terrorism. “We stand together to protect the country. This isn’t the time to pinpoint flaws but to unite,” he said, refraining from immediate criticism of specific measures.

However, he raised concerns about India’s suspension of the 1960 Indus Waters Treaty with Pakistan, questioning the government’s preparedness. “If you stop the water, where will you store it? Do we have the dams for it? These issues will be addressed later, not now,” he cautioned.

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