Key takeaways of India's budget: Digital rupee, e-passports, tax on virtual assets

The Narendra Modi-led government has kept income tax slabs unchanged. India’s Finance Minister Nirmala Sitharaman, who tabled the fourth consecutive budget in Parliament, has announced a 30 per cent tax on transfer of digital assets.

Gifts of digital assets to be taxed as well such as income from sale or acquisition of virtual and digital assets.

In a significant move, the Income Tax department has come up with a new roadmap. Taxpayers’ errors will be looked into and they can file updated returns within two years.

Digital rupee

Digital rupee using blockchain and other technology to be issued by India’s central bank Reserve Bank of India from the next financial year that starts in April 2023.

All post offices to be linked with core banking solutions to push financial inclusion.

5G roll out

Spectrum auction will be conducted to roll out 5G mobile services within the coming fiscal year by private firms.

E-learning amid Covid

One Class 1 TV channel to be launched to give supplementary education to children to make up for loss of formal education due to Covid-19.

E-passports

E-passports using embedded chips and futuristic tech will be rolled out.

75 digital banking units will be launched in 75 districts by scheduled commercial banks.