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Cryptocurrency Becomes Taxable: A Step Towards Its Legalisation In India?

Pooja YadavFebruary 7, 20220

Finance minister Nirmala Sitharaman, while presenting the union budget, has labelled cryptocurrency as digital assets and their transaction is now taxable by 30%. Whatever profit is earned out of the cryptocurrency and other digital assets, 30$ of direct tax will be levied, which is a heavy amount. Does this signal that cryptocurrency has been legalised in the country? Cryptocurrency may be a digital payment system that does not deem banks to verify transactions. It’s a peer-to-peer system that will alter anyone anyplace to send and receive payments. Rather than being physical cash carried around and changed within the globe, cryptocurrency payments exist strictly as digital entries to internet info describing specific transactions. After the transfer of cryptocurrency funds, the tran...

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income tax
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“Union Budget Recognises The Efforts Of Tax Payers”-REALLY?

Pooja YadavFebruary 4, 20220

Recently while presenting the budget recognized the efforts of taxpayers and their productivity. But Mr. Subrahmanyam swami a renowned political leader in an interview given to India today has said that income tax should be abolished. India needs about 14 percent of growth rate to become a 5 trillion economy. This could be achieved only by abolishing the income tax according to Mr. Subramanyam swami. Through this article, we will discuss the different aspects of income tax or should be abolished or is it unfair for the individuals?. Let's start the discussion then... DEMAND FOR ABOLISHING THE TAXThe demand for abolishing the income tax is not new. There were many times people and experts have demanded to abolish the income tax and some even called this system a cruel one. The d...

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FinancePolitics

Focuses On Middle Class, Poor; A Step Toward Modern India: PM Modi Lauds Union Budget 2022

Snehashish RoyFebruary 3, 20220

Prime Minister Narendra Modi lauded the Union budget 2022-23 and mentioned it as a step towards self-reliant and modern India. He said the budget provides basic amenities to the middle class, poor, and youth of the country. PM Modi was attending the 'Aatmanirbhar Arthvyavastha' event, where he addressed the BJP workers. He said the initial indicators of a new world in a post-pandemic era are already visible. “People, globally, want to see an empowered and strong India. It is imperative for us that we take our country forward at a rapid pace and strengthen it across several sectors,” he said. The Prime Minister compared the current budget with that of the UPA regime and said it has the provision to make a four-fold increase in public investment. He added that this will avail...

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BusinessFinancePolitics

Union Budget 2022: Opposition Terms It As ‘Unrealistic’; Provides No Relief For Poor, Middle Class

Snehashish RoyFebruary 2, 20220

Finance minister Nirmala Sitharaman gave the budgetary speech on February 1. She presented a Rs 39.45 lakh crore budget, in which, the major part was allocated to the highways and affordable housing section. However, the Congress party termed the budget as "uninspiring" and "insipid." The Opposition said the Union budget does not propose to provide relief and consumption boost among the salaried class, poor, farmers, and middle class. The communication head of the Congress party Randeep Surjewala said the ones who suffered pay cuts during the pandemic were hoping for relief in this budget. “The Finance Minister and the Prime Minister have again deeply disappointed them with indirect tax measures. This is a betrayal of India’s salaried class and the middle class,” he said. He fu...

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BusinessFinance

Union Budget 2022: FM Sitharaman Announces Digital Rupee; Know More About Virtual Currency

Snehashish RoyFebruary 1, 20220

The Union finance minister Nirmala Sitharaman has launched the Digital Rupee in her budgetary speech in the Parliament on February 1. This rupee, the Central Bank Digital Currency (CBDC) will be used from 2022-22 onwards. During her fourth budgetary speech, Sitharaman said the use of digital currency will give a boost to the country's economy. The currency will be introduced by the Reserve Bank of India (RBI). This move will give a further push to the Centre's Digital India initiative. "The introduction of central bank digital currency will give a big boost to the digital economy. Digital currency will also be a cheaper and more efficient currency management system...It is therefore proposed to introduce digital rupee - using blockchain and other technologies - to be issued by ...

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