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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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West Bengal Governor dissolves Assembly amid political transition 

Governor R N Ravi dissolved the West Bengal Assembly after the 2026 poll results, with the BJP securing a majority in the state elections.

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The West Bengal Legislative Assembly was dissolved following the conclusion of the 2026 Assembly elections, in which the Bharatiya Janata Party secured a clear majority in the state.

Governor R N Ravi issued the order dissolving the Assembly as the state prepared for the transition of power after the election results. According to reports, the BJP won 207 seats in the 294-member Assembly, while the Trinamool Congress secured 80 seats.

Chief Minister Mamata Banerjee questioned the election outcome and alleged irregularities in the poll process, claiming the mandate had been “looted”.

The dissolution came as the tenure of the existing Assembly ended on May 7, 2026. The development has sparked political discussions over the formation of the next government in the state.

Meanwhile, Mamata Banerjee held a meeting with newly elected Trinamool Congress MLAs in Kolkata and reportedly raised concerns over internal sabotage during the elections.

The BJP is expected to begin the formal process of government formation in West Bengal after its decisive victory in the Assembly polls.

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Eknath Shinde’s helicopter returns to Mumbai mid-flight due to bad weather

Maharashtra Deputy Chief Minister Eknath Shinde’s helicopter was forced to return to Mumbai after the pilot detected approaching storm conditions during a flight to Thane district.

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A helicopter carrying Maharashtra Deputy Chief Minister Eknath Shinde was forced to return to Mumbai on Thursday after encountering adverse weather conditions during a flight to Thane district.

According to officials, Shinde had departed from Mahalaxmi Racecourse in south Mumbai around 3.30 pm and was travelling to Murbad in Thane district to attend a wedding function related to a party worker’s family.

The helicopter reportedly reached the Airoli area in Navi Mumbai when the pilot noticed an approaching storm and informed the deputy chief minister about the deteriorating weather conditions. Following the alert, the flight was turned back as a precautionary measure.

The helicopter later landed safely at the Pawan Hans facility in Juhu, Mumbai. Officials said Shinde was accompanied by members of his staff, including personal assistant Prabhakar Kale, special executive officer Balsingh Rajput and media adviser Vinay Patrdukar.

The incident comes amid changing weather conditions and storm activity reported in parts of Maharashtra in recent days.

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Nitish Kumar’s son Nishant among 32 inducted in Bihar cabinet expansion

Nishant Kumar entered the Bihar cabinet for the first time as 32 ministers from NDA allies took oath in a major expansion of the state government.

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Bihar government cabinet

A major cabinet expansion took place in Bihar on Thursday, with 32 leaders from the ruling NDA alliance inducted into the state government. Among the prominent names was Nishant Kumar, son of former Bihar chief minister Nitish Kumar, who entered the cabinet for the first time.

The expansion included representatives from all major NDA allies in the state. According to reports, the BJP secured 15 ministerial berths, while JD(U) got 13 positions. Two ministers were inducted from Lok Janshakti Party (Ram Vilas), while Hindustani Awam Morcha and Rashtriya Lok Morcha received one berth each.

The oath-taking ceremony was held in Patna in the presence of senior NDA leaders, including Prime Minister Narendra Modi, Union Home Minister Amit Shah and Defence Minister Rajnath Singh.

Nishant Kumar’s induction comes weeks after he formally entered active politics. His entry into the Bihar cabinet is being viewed as a significant development for JD(U), which had long projected an anti-dynasty image under Nitish Kumar’s leadership.

The cabinet reshuffle follows Nitish Kumar’s move to the Rajya Sabha earlier this year and the formation of the government led by Chief Minister Samrat Choudhary.

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