Next year's I-T return to have separate column for crypto income: Government

Friday February 4, 2022

Income tax return forms from next year will have a separate column for making disclosures on

Next year's I-T return to have separate column for crypto income: Government

Income tax return forms from next year will have a separate column for making disclosures on gains made from cryptocurrencies and paying taxes, Revenue Secretary Tarun Bajaj said.

The government will from April 1 charge a 30 per cent tax plus cess and surcharges, on such transactions in the same manner as it treats winnings from horse races or other speculative transactions.

The government is working on legislation to regulate cryptocurrencies, but no draft has yet been released publicly.

In the meanwhile, a central bank-backed digital currency will start circulating in the next fiscal to usher in cheaper, more efficient currency management.

The 30 per cent plus applicable cesses and surcharge of 15 per cent on income above Rs 50 lakh will have to be paid on income from cryptocurrencies, he said adding the income tax return form from next year will have a separate column to declare gains from crypto.

The launch of 'Digital Rupee' by RBI as well as a 30 per cent tax from April 1 on profits from digital asset transactions, including cryptocurrencies and non-fungible tokens (NFTs) was announced by Finance Minister Nirmala Sitharaman in her budget speech on Feb 1 , as the country keeps pace with the global move toward virtual financial instruments.

The Budget 2022-23 also proposed a 1 per cent TDS on payments towards virtual currencies beyond Rs 10,000 in a year and taxation of such gifts in the hands of the recipient.

The threshold limit for TDS would be Rs 50,000 a year for specified persons, which include individuals/HUFs who are required to get their accounts audited under the I-T Act.

The provisions related to 1 per cent TDS will come into effect from July 1, 2022, while the gains will be taxed effective April 1.

Also, no deduction in respect of any expenditure or allowance shall be allowed while computing income from transactions in such assets.

It has also specified that losses from the transfer of virtual digital assets will not be allowed to be set off against any other income.

The crypto market in India grew 641 per cent in the year through June 2021, according to an October report by industry research firm Chainalysis.

The two-year window provided to taxpayers to disclose omitted income and correct mistakes made in income tax returns, is not an amnesty scheme, Revenue Secretary Tarun Bajaj said emphasising that an additional 25 per cent tax will have to be paid on income that wasn't previously disclosed.

The scheme, proposed in the Union Budget presented on February 1, recognises that taxpayers may have for genuine reasons missed out on declaring an income and the window gives them a chance to amend their returns.

The window will be a permanent feature, allowing taxpayers to correct any discrepancy or omissions in their ITRs within two years of filing, subject to payment of taxes.

An additional 25 per cent on the due tax and interest would have to be paid, if the updated income tax return (ITR) is filed within 12 months, while the rate will go up to 50 per cent, if it is filed after 12 months, but before 24 months from end of relevant Assessment Year.

Budget 2022: ONGC, IOC, others to spend Rs 1.11 lakh crore capex in FY23

Friday February 4, 2022

State-owned oil firms such as ONGC and IOC will invest over Rs 1.11 lakh crore in the next fiscal year starting April as they supplement

Budget 2022: ONGC, IOC, others to spend Rs 1.11 lakh crore capex in FY23

State-owned oil firms such as ONGC and IOC will invest over Rs 1.11 lakh crore in the next fiscal year starting April as they supplement the government's massive spending programme to spur economic growth.

Oil and Natural Gas Corporation (ONGC), Indian Oil Corporation (IOC), GAIL (India) Ltd, Bharat Petroleum Corporation Ltd (BPCL), Hindustan Petroleum Corporation Ltd (HPCL) and Oil India Ltd (OIL) will together make a 7.4 per cent higher capital expenditure in the 2022-23 fiscal (FY23).

The capex spending of Rs 1.11 lakh crore in 2022-23 compares with a revised estimate of Rs 1.04 lakh crore for the current fiscal year that ends in March.

In the Union Budget for 2022-23, the government continued on its path of supply-side economics and plans to boost investments, thereby increasing jobs and consumption instead of directly announcing any monetary relief to the lower end of the population.

None of the oil PSUs gets any subsidy support from the government.

The government has provided a small Rs 4,000 crore subsidy on domestic cooking gas (LPG) in the next fiscal.

The subsidy outgo in the current fiscal has been put at Rs 3,400 crore, lower than Rs 12,480 crore budgeted at the beginning of the fiscal.

ONGC has planned a capital expenditure (capex) of Rs 29,950 crore in FY23, marginally lower than the revised estimated expenditure of Rs 30,500 crore in the current fiscal.

The current fiscal spending is higher than Rs 29,800 crore planned spending at the beginning of the year.

IOC, the nation's largest oil refining and fuel marketing company, has an outlay of Rs 28,549 crore for the next year, almost the same as FY22.

Gas utility GAIL will invest Rs 7,500 crore in the expansion of pipeline grid and petrochemical plants, up from Rs 7,160 crore revised expenditure in the current fiscal (FY22).

Privatization-bound BPCL's Rs 10,000 crore planned investment includes Rs 8,120 crore in refinery and fuel marketing and another Rs 500 crore in petrochemicals.

This compares with spending of Rs 10,500 crore in the current fiscal.

HPCL has a total outlay of Rs 14,500 crore for the next fiscal, 7 per cent more than the estimated spending in the current year.

OIL's capex for FY23 is marginally higher at Rs 4,302 crore.

ONGC's overseas investment arm, ONGC Videsh has been a drag on achieving the spending targets for the current fiscal.

Against the planned spending of Rs 8,380 crore, it would do only Rs 5,620.01 crore.

For the next fiscal, it has planned Rs 8,180 crore capex.

ONGC's subsidiary, Mangalore Refinery and Petrochemicals Ltd (MRPL) ended up spending Rs 965.76 crore in the current fiscal as against budgeted Rs 850 crore while in the next it has plans for Rs 815 crore capex

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Next year's I-T return to have separate column for crypto income: Government

Next year's I-T return to have separate column for crypto income: Government

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