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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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PM Modi condoles King Harald V’s death, remembers his warmth and service

Prime Minister Narendra Modi condoled the death of Norway’s King Harald V at 89 and recalled meeting him during his Norway visit earlier this year.

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Prime Minister Narendra Modi on Friday condoled the death of Norway’s King Harald V, who passed away at the age of 89.

In a post on X, PM Modi said he was deeply saddened by the death of the Norwegian monarch and recalled meeting him during his visit to Norway earlier this year.

PM Modi remembers King Harald V

PM Modi said his interaction with King Harald V left a lasting impression, particularly because of the monarch’s warmth and dedication to his country.

He extended his condolences to the Norwegian Royal Family as well as the people of Norway following the King’s death.

King Harald V was Europe’s oldest monarch at the time of his death. He had served as Norway’s king since 1991 and was known for modernising the country’s royal institution while maintaining a strong connection with the Norwegian people.

The Norwegian monarch also spent part of his childhood in exile in the United States during the Nazi occupation of Norway.

King Harald V’s death has prompted tributes from leaders and royal families around the world. His son, Crown Prince Haakon, has succeeded him following his death.

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Nepal Floods: Rescue ops halted after barrier lake breaches in Tibet

Nepal temporarily halted rescue operations after a barrier lake upstream of the Gyirong border port in Tibet breached, raising fears of renewed flooding.

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Nepal has temporarily halted rescue operations after authorities received information that a water barrier on the Tibetan side of the border had breached, raising the risk of further flooding in the Himalayan region.

Police warned security personnel, rescue workers and members of the public involved in relief operations to remain alert and immediately move to safer locations.

The warning came two days after a glacial collapse triggered deadly flash flooding in Nepal, killing 469 people. Around 1,400 people are still missing, including hundreds of foreigners, according to the information provided by authorities.

Nepalese authorities stopped rescue operations for 90 minutes amid concerns that another wave of flooding could hit the area within hours.

Narendra Pariyar, the senior bureaucrat of Nepal’s Rasuwa district, said the water level in the river was rising. Helicopter rescue operations were also suspended, while residents were seen moving towards higher ground.

China pauses rescue operations in Tibet

China also suspended rescue operations in the affected area, citing the risk of renewed flooding.

A lake had formed near the China-Nepal border after large amounts of mud and debris accumulated following a mudslide. The lake began overflowing towards areas where rescue teams had been working.

Chinese authorities ordered rescue teams to remain on standby and withdraw one kilometre from the affected area as a precaution.

The developments came as hundreds of people remained missing in Tibet following the deadly mudslide.

Barrier lake raises fresh flood fears

The barrier lake formed after mud and debris hit the Gyirong border hub in Tibet on Wednesday. Aerial footage captured by a Chinese rescue team on Thursday showed brown water accumulating in a basin with no visible outlet.

The water had already covered bushes and trees and was pressing against a barrier made of debris and stones.

Earlier, rescuers and residents on the lower banks in Nepal had been advised to move to higher ground. Chinese personnel and vehicles were also moved away from the area as concerns grew over the possibility of the lake bursting.

Authorities were also concerned about potential secondary disasters, including mountain collapses and avalanches.

The renewed warning has added to the challenges facing rescue teams as Nepal continues efforts to locate those still missing after the devastating flash floods.

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Raksha Bandhan rush chokes Delhi-Meerut Expressway, traffic crawls for hours

Heavy Raksha Bandhan traffic caused kilometre-long queues on the Delhi-Meerut Expressway and severe congestion across Ghaziabad.

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The Delhi-Meerut Expressway witnessed severe traffic congestion on Thursday evening, August 27, a day before Raksha Bandhan, as a large number of people travelled to their hometowns and relatives’ homes.

Traffic moved slowly for several kilometres, with some commuters reportedly stuck for nearly five to six hours. The congestion affected stretches of the expressway and other major roads in Ghaziabad.

The traffic was particularly heavy around Lal Kuan and towards Dasna. People travelling from Delhi and Noida added to the pressure on roads as they headed out ahead of the festival.

Commuters face long delays

The festive rush also affected people travelling within the city. Commuters returning from offices reported journeys taking two to three times longer than usual.

One commuter cited in the report said it took around 35-40 minutes to cover four kilometres on the Delhi-Meerut Expressway, compared with the usual 10-15 minutes.

Near Chhijarsi, passengers were also reportedly waiting for buses and other vehicles, with the traffic congestion making it difficult for vehicles to reach them.

Ghaziabad Police issues traffic helpline

Amid the congestion, Ghaziabad Police said traffic personnel were deployed at Lal Kuan to manage the situation. A traffic helpline number, 9643322904, was also issued for commuters.

Authorities had already put traffic measures in place ahead of Raksha Bandhan as increased movement was expected during the festival.

Alternative routes for commuters

For people travelling between Ghaziabad and Meerut, connectors before Dasna can be used to access the Eastern Peripheral Expressway and avoid the main congested stretch.

Commuters travelling from Delhi or Ghaziabad can also consider the old National Highway route through Muradnagar and Modinagar.

For those heading towards Meerut, the Namo Bharat train is another option. The NCRTC was operating additional services on August 27 and 28, with trains available at shorter intervals during the festive period.

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