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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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Oppo Find N5 set to launch with 50W wireless charging and IPX9 water resistance

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Oppo Find N5 being tested underwater to showcase its IPX9 water resistance rating.

Oppo has officially confirmed that its latest innovation, the Find N5, will support 50W wireless charging and feature an IPX9 water resistance rating. The announcement comes as part of a series of teases highlighting the capabilities of this next-generation foldable smartphone, set to launch in February.

According to recent leaks, the Find N5 will be the first smartphone to incorporate the Qualcomm Snapdragon 8 Elite SoC, signaling significant performance enhancements. Pete Lau, Oppo’s Chief Product Officer, has touted the device as the “thinnest foldable phone,” positioning it against leading competitors like the latest iPhone in terms of sleek design.

Zhou Yibao, head of the Oppo Find series, shared insights via Weibo about the Find N5’s advanced features. The device not only matches the wireless charging speeds of newly released models like the Oppo Find X8 Pro and OnePlus 13 but also integrates seamlessly with in-car systems from major electric vehicle brands such as BYD and NIO.

In a compelling demonstration of its durability, a recent video posted by Yibao showed the Find N5 being submerged underwater, showcasing its capability to withstand significant water exposure, evidenced by its IPX9 rating. This test included recording underwater videos, highlighting the phone’s versatile camera capabilities in extreme conditions.

The Find N5 also sports a refined design with slimmer borders and a larger overall form factor compared to its predecessors, which could attract users looking for a sleek yet robust foldable phone.

As anticipation builds, Oppo has begun sharing images of the Find N5, revealing a foldable design as thin as a USB-C port when opened. This device promises to merge aesthetic appeal with functional excellence, setting a new benchmark in the evolving foldable phone market.

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Saif Ali Khan out of hospital six days after stabbing at his residence

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Detained individual linked to the stabbing of Bollywood actor Saif Ali Khan being escorted by police.

Bollywood actor Saif Ali Khan has returned to his home after being discharged from the hospital, where he was treated for injuries sustained from a stabbing incident at his residence last week. The actor, known for his roles in films such as “Dil Chahta Hai” and “Tanhaji,” was reportedly attacked unexpectedly in his home, leading to his hospitalization.

The incident, which sent shockwaves through the Bollywood community and his fanbase, occurred late at night and resulted in multiple injuries for Khan. He was rushed to a nearby hospital, where he received immediate medical attention. The specifics of the incident, including the motive and the identity of the assailant, have not been publicly disclosed by the authorities.

During his stay at the hospital, Khan was under constant medical supervision and underwent several treatments to address his injuries. His discharge comes after a six-day period of intensive care, indicating a stable recovery.

Family members and representatives of Khan have expressed their gratitude to the medical team for their efforts and to fans for their support and well wishes during this challenging time. While the actor has been released from the hospital, he is expected to continue his recovery at home under the guidance of his personal doctors.

The Mumbai Police are currently investigating the circumstances surrounding the incident, and further details are expected to be released as the investigation progresses.

This troubling event has sparked a conversation about the safety of public figures and the pressures they face. As Khan recuperates at home, the film industry and his supporters worldwide hope for his full recovery and return to the silver screen.

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Delhi Assembly elections: BJP promises free education and student aid, AAP raises concerns

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Arvind Kejriwal addressing media after writing to RSS chief Mohan Bhagwat on BJP’s alleged electoral misconduct

As Delhi gears up for the upcoming assembly elections on February 5, the Bharatiya Janata Party (BJP) released the second installment of its election manifesto, promising comprehensive solutions to citizen issues and tackling misgovernance and corruption allegations against the incumbent Aam Aadmi Party (AAP).

The manifesto, dubbed ‘sankalp patra,’ includes significant pledges such as free education from pre-school to postgraduate levels for needy students at government institutions, and a financial package comprising Rs 15,000 and travel reimbursements for young individuals taking entrance exams. Scheduled Caste students enrolled in technical and professional courses are also promised a monthly stipend of Rs 1,000.

Building on their first manifesto which targeted women voters, the BJP’s latest promises focus on the youth, with over 1.5 lakh set to benefit from a new skills training program. This release follows criticisms by AAP of the BJP’s approach, especially after the tragic incident last July where three civil service aspirants lost their lives due to flooding.

Anurag Thakur, former Union Minister, emphasized the ‘Modi ki guarantee’ assurance, stating these initiatives would be implemented swiftly if the BJP is elected. The manifesto also includes welfare measures for domestic workers and insurance schemes for auto-rickshaw and taxi drivers, who have traditionally been a strong support base for AAP.

In response, AAP leader Arvind Kejriwal critiqued the BJP’s plans, particularly highlighting a clause that, according to him, would limit free education to only “eligible” children, deviating from AAP’s policy of universal free education. Kejriwal also recalled BJP’s earlier statement on discontinuing free healthcare, framing these promises as a threat to the financial stability of Delhi’s households.

The AAP’s counter-campaign warns voters that electing BJP could lead to increased living costs and bureaucratic hurdles in accessing education and healthcare, urging the electorate to consider these factors carefully. With the election results due on February 8, both parties continue to vie for public favor through promises aimed at key demographics.

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