After the presentation of this year's budget on 1 February 2022, there were detailed analyses, discussions, interpretations about it all – and of course memes! While some were relieved that there were no new taxes imposed, others were disappointed that there were no reliefs for the salaried classes, MSMEs and so on. The announcement that virtual or digital asset transfers would now attract tax at the rate of 30% is what attracted the most attention from the tweeple.
People were scared that cryptocurrency trading out be declared illegal. But the government had other plans.
There will be a 30% tax on virtual assets and an additional 1% TDS charged on transactions made using digital assets.
A 30% tax would be deeded excessive even by ardent supporters of the current government.
It is expected that this tax will impact all those who own or trade in digital or virtual currencies.
…Are still trying to do the math.
Maybe not.
Some fear that even loss making deals will attract tax.
People who saw cryptocurrencies as a lucrative trading option aren't so sure now.
The budget was created with one eye on the upcoming state elections – especially UP, feel many commentators.
Salaried people were disappointed that the tax exemption slabs were not increased.
Remained unanswered – particularly relating to certain key sectors that impact the poor and middle classes.
People felt that as things stand, common people would continue to be squeezed.
…Worse for others.
Gh**ta
The expectations are high – delivery is somewhat lower.
While a lot of TV hosts seemed pleased with the budget, this newspaper headline says otherwise. Translated it says only your dreams are your own, the rest belongs to the government – and sub headlines say why.
#Budget2022 will be viewed by people based on their political and ideological affiliations. In the end, the Indians is viewed as in many different types of vote banks: caste, religion, region, income, class, urban/rural... And every single Indian pays taxes – when they buy a bar or soap or a packet of salt – so were all in it together.
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