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India's Union Budget 2025-26 | Live from the Parliamentyoutu.be/AJvhw2a9BBo
144 sats \ 2 comments \ @Coinsreporter 23h econ
This is the eighth consecutive budget by Nirmala Sitharaman as the Finance Minister of the world's largest democracy.
I hope that she'll cut the tax rates and increase the slabs. I also hope that she eases the stance on Bitcoin taxes which are at about 32% right now.
If this budget doesn't give solutions for the unemployed, the poor and the middle class, Modi won't be back as PM next time. It's like a do or die situation for him.
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32 sats \ 0 replies \ @Coinsreporter OP 22h
No income tax till income of Rs 12 lakh
FM says: Democracy, demography and demand crucial, appreciates role of middle class in national building. No income tax till income of Rs 12 lakh, she announces
Big move. It was 2.5 lakh till today. More details awaited.
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0 sats \ 0 replies \ @Coinsreporter OP 14h
60% Tax on Undisclosed Bitcoin Income
Bitcoin traders may face 60% tax penalty for undisclosed income under the new proposed IT Act Provisions Union Budget 2025 has proposed to introduce VDAs (Including Bitcoin) under Section 158B of the Income Tax Act that reports ‘undisclosed income’, and it’s more than what meets the eye.
This section will give the power to government agencies to conduct block assessment or investigation of undisclosed income of traders, which if found not reported will amount to as high as 60 percent income tax fine for the entire period of the unreported crypto income, as mentioned under 158BA(7) referring to ‘Tax in the case of block assessment of search cases.’
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