INCOME — The government will tax income from digital asset transfers at 30% — No deduction allowed while computing income except the cost of acquisition — Loss cannot be set off from any other income — Gift of cryptocurrencies to be taxed at receiver’s end — A new provision to allow taxpayers to file an […]

1. Time Limits u/s 16(4), Section 34 & Section 37, Section 52 has been extended by two months. Impact: ITC can be claimed by November of next financial year instead of September of next financial year. 2. Section 42, 43 & 43A of the CGST Act are omitted to do away with two-way communication in […]

DEFICIT/EXPENDITURE 1. Proposes fiscal deficit of 4.5% of GDP by 2025/26 2. Projects fiscal deficit of 6.4% of GDP in 2022/23 3. Revised fiscal deficit for 2021/22 at 6.9% of GDP 4. Total expenditure in 2022/23 seen at 39.45 trillion rupees 5. States will be allowed a 4% fiscal deficit to GDP in FY23 6. […]