Union Finance Minister Nirmala Sitharaman has tabled the Budget for 2022-23 in the Lok Sabha today. There is no relief whatsoever in the Budget for the Salaried class despite record tax collections. People have expected that the Tax exempted money to be increased but the minister announced no change in the slabs of Personal Income Tax.
In such a case, people have at least expected to increase the allowed exemption in Section 80C. Even the rumors of an increase in Standard Deduction to allow Work from Home expenses have also turned false. Some have expected additional exemption on Home Loan saving which is not given either.
Furthermore, the Government had also decided to tax Crypto Currencies which are seeing a lot of investments from the Salaried class in recent times. Crypto currencies to be taxed at 30%. Any income from the transfer of any virtual digital asset shall be taxed at 30%. No deductions and exemptions are allowed. Loss from the transfer of such assets cannot be set off against any other income. Further, there will be 1% TDS on transactions and gifts of such assets,” the minister announced.
“The middle-class and the salaried are the strong support base of the BJP in India. As always, they have been given nothing,” social media junta are foul-crying.
