Budget 2022:
A master thread - Let's go 🚀
Will cover all things that matter for individuals and try to simplify things.
#Budget2022
A master thread - Let's go 🚀
Will cover all things that matter for individuals and try to simplify things.
#Budget2022
Market movements after budget from @deepakshenoy
Conclusion - Probably nothing. Markets are unpredictable 🤷🏻♂️
Conclusion - Probably nothing. Markets are unpredictable 🤷🏻♂️
https://twitter.com/deepakshenoy/status/1488377631947235328?t=iXrj_wD96pB1484cQjsDVA&s=19
New rules for foreign retirement accounts were expected last year.
Introduced in Budget 2021 but they probably forgot about it? 😂
Let's see if there's anything this year.
Introduced in Budget 2021 but they probably forgot about it? 😂
Let's see if there's anything this year.
https://twitter.com/manansmehta5/status/1407259683849576453?t=K-hn0HTVVgYqiUdWPAlTjw&s=19
Does anyone care about the difference between 100 crores and 10000 crores?
We can't tell the difference.
Here's an excerpt from our budget highlights 2021:
We can't tell the difference.
Here's an excerpt from our budget highlights 2021:
Anyone taking bets for if the words "crypto currency" or "digital currency" will be said at all?
Why can't the budget be released before (or during the speech)?
Why is all this jazz necessary?
(Especially when all people want to know is if the 80C limit is increased).
Why is all this jazz necessary?
(Especially when all people want to know is if the 80C limit is increased).
Spoiler alert: Probably no increase in the 80C limit.
https://twitter.com/manansmehta5/status/1480815547218489344?t=rxp60M7oyUU8lQIpzB4akQ&s=19
Everything you need to know on the Gatishakti plan 😂
https://twitter.com/deepakshenoy/status/1488386670684950528?t=8xm7Ej6n3dEvsV7gttMSDA&s=19
Does the Government have a special team just for naming and branding?
Scheme names I've heard so far:
1. Gati Shakti Masterplan
2. One class one TV channel
3. Drone Shakti
Scheme names I've heard so far:
1. Gati Shakti Masterplan
2. One class one TV channel
3. Drone Shakti
75 digital banks to be set up in 75 districts.
Not bad. 🤷🏻♂️
Not bad. 🤷🏻♂️
That's it? That's it for Fintech?
When the first few lines in the budget included focus on Fintech?
When the first few lines in the budget included focus on Fintech?
E-passports coming in 2022-23.
Next-gen passports for security of biometric data and smooth passage through immigraton posts globally.
Next-gen passports for security of biometric data and smooth passage through immigraton posts globally.
Battery swapping policy to be formulated for EVs - Good!
And interoperability standards to be formed.
And interoperability standards to be formed.
For those looking to buy EVs. You get a tax deduction on the loan:
https://twitter.com/manansmehta5/status/1477959126521049094?t=p2qpZZpwWihG6nS88XaXcQ&s=19
Company winding up to get easier. Let's see the implementation - but good move!
Why does the budget keep getting longer?
Should get shorter 🥱 Should be headlines only.
Should get shorter 🥱 Should be headlines only.
https://twitter.com/blitzkreigm/status/1488396723966083073?t=CpdOTJD8S5D4KaWEv4GryA&s=19
This bit on capital investments sounds like a bcom answer 😅
Does anyone in the parliament listen to anything @nsitharaman says?
Or do they just clap when she changes her tone 😅
Or do they just clap when she changes her tone 😅
Sovereign Green Bonds are coming - might be worth looking at.
Watch this space.
Watch this space.
Expert committee to be set up for removing friction points for startups.
I don't know how many committees have been set up over the last 3-4 years.
Why even announce this in the budget? To trend in startup Twitter?
I don't know how many committees have been set up over the last 3-4 years.
Why even announce this in the budget? To trend in startup Twitter?
She said blockchain 😱
Digital rupee coming in 2022-23. To be issued by RBI.
Digital rupee coming in 2022-23. To be issued by RBI.
Nothing on other crypto currencies yet though
https://twitter.com/manansmehta5/status/1488384764889366534?t=6rt4T1DQMWb6F6h3lq__Gg&s=19
Direct tax - here we go!
But before that we need to listen to something from Mahabharat 🥱
But before that we need to listen to something from Mahabharat 🥱
Same old same old. Reduce litigation, more transparency, etc etc
File updated ITR on payment of tax.
Good move. If some income has been missed by mistake, you can file an updated ITR within 2 years.
Good move. If some income has been missed by mistake, you can file an updated ITR within 2 years.
Similar to a revised ITR, I guess.
But only for mistakes that you can see from the AIR.
But only for mistakes that you can see from the AIR.
AMT for cooperative society reduced to 15%.
Surcharge to be reduced to 7% for co-op societies.
Surcharge to be reduced to 7% for co-op societies.
Eligible startups can register till 31.3.2023.
We knew this was coming.
We knew this was coming.
More on deduction for startups below:
https://twitter.com/manansmehta5/status/1422056301790568452?t=LNJ425d7Gz4M2DV1pv5w4Q&s=19
Tax on crypto and NFTs at FLAT 30%.
No deductions!
Loss cannot be set off against other income.
No deductions!
Loss cannot be set off against other income.
Gifts of crypto to be taxable as well.
You can't show crypto as business income anymore.
It'll fall under capital gains only!
It'll fall under capital gains only!
TDS at 1% on crypto transactions.
Let's read the fine print.
Let's read the fine print.
Surcharge on LTCG to be capped at 15%.
Big move. Will reduce tax significantly for HNIs.
Big move. Will reduce tax significantly for HNIs.
More on the crypto tax:
Exchanges will very likely start deducting TDS. Let's see how regulations are shaped.
@WazirXIndia @zebpay @CoinSwitchKuber etc will have to deduct TDS.
Exchanges will very likely start deducting TDS. Let's see how regulations are shaped.
@WazirXIndia @zebpay @CoinSwitchKuber etc will have to deduct TDS.
How this will affect Decentralised exchanges? Let's see.
No other change in income tax. No news is good news 😁
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