Hello and Namaste Everyone
Budgets are an important part of any country and are connected to everyone's life. I mean to say no matter what you do directly or indirectly you are affected by your country's budget. Some people think that they are not impacted by the budget but that is not true because the impact is on everyone in the country depending upon the changes or the taxation of whatever is introduced in the budget. India presented its interim budget in Feb month for this year but because of the elections, it was not a complete budget. Now the government is going to present the union budget this month and most probably it is going to happen on 23rd July.
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Earlier I was not paying much attention to the budget because I thought that it was something that I was not impacted but I was wrong. I have started paying attention to the budget for the last few years especially after the Covid pandemic because I got to learn many things during the lockdown. I think that it is important for all of us to see how things are happening around us in in form of finances. Even if you're not an expert in finances then also we should pay some attention to some of the things that can surely help us make your finances better. We earn money but we should know what should be the right ways and better options to go for so that we can save it and grow it better.
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Budget is a process through which the government plans some expenses for the entire financial year and they also announce some new rules and regulations related to finance management or even taxation. I am not a taxpayer because my income is below the exemption limit but still, I try to keep myself updated with the budget and whatever new changes are the rules are implemented by the government. I believe it is important because this helps me to keep myself updated and plan things better. If in case my earnings fall into the tax slab then I can plan it accordingly and pay the government to avoid any issues. Since I am part of Crypto any income that I generate through the crypto is part of the taxation but I'm not selling anything so technically I'm not liable to pay tax to the government. In the upcoming budget, this month here are some expectations
- The crypto industry is expecting a reduction on the tax which is currently 30% but they are proposing the government to follow the tax slab like any other income.
- They are also asking the government to reduce the TDS percentage which is 1% as of now and they are asking them to make it 0.01%
- It is also expected that the government will allow lost set of because this is another important point which government should consider for the Crypto industry.
- Even people who are working in any company or are employees are expecting some increase on the tax slab because it's been many years since it was revised. There are two tax regimes for taxation but it is not sufficient and certainly requires some revision.
- Apart from this some other expectations are that the government should bring some better policies and empower solar and EV sectors with reduced taxation and more subsidies so that more people come forward and join.
So these are some of the expectations in the union budget that we are going to have this month. It's confirmed that the budget will be presented this month and probably it is going to be 23rd July but the date has not been announced yet by the government. Let's see when it happens and what updates the government is going to share since this is the 3rd term of the same government hopefully they will consider more points that are expected from the citizens in the country.
Thank you so much
Stay Safe