24/7 Cryptocurrency News

Budget 2023 India Date: Tax Benefits For Salaried, Improved Crypto Tax Structure; 7 Key Points

Union Budget 2023: The income tax slabs should be updated by FM Nirmala Sitharaman so that the 30% slab rate applies to much higher income levels.
Published by
Budget 2023 India Date: Tax Benefits For Salaried, Improved Crypto Tax Structure; 7 Key Points

On February 1st, 2023, Finance Minister Nirmala Sitharaman will present the Union Budget 2023. Since this is anticipated to be the final announcement prior to the general elections in 2024, all eyes are on the announcement. The sector anticipates that the budget for 2023–24 will help India reach its $5 trillion economic goal.

With increased Capex, improved infrastructure, and incentives for important industries like manufacturing and services. However, it is no longer a noble objective but rather a doable strategy that is ready for implementation. This budget seeks to resolve current issues and strengthen the country for the ensuing decades.

Advertisement

Expectations for the Union Budget 2023

The income tax division claims that a sizable portion of taxpayers are people who earn a living from salaries. ITR-1s from members of the salaried class made up nearly 50% of all ITRs submitted in 2022. With the exception of the new tax structure, however, the salaries of people had very little to celebrate in the recent budgets. They are hoping for a few things to happen. To be fair, given the harsh effects of layoffs, pay cuts, rising inflation, and the worry of a global recession, the past few years have been challenging for them.

The following potential adjustments could be made to the salary class’s budget:

  1. Tax Exemption Limit
  2. Increased Standard Deduction
  3. Decluttering Section 80C
  4. Deductions for Medical Insurance Premium
  5. Reduced Surcharge Rate
  6. Validity of other Deductions
  7. Reviewing Children’s Education and Hostel Allowance

Also Read: Crypto Vs Gold: How Are Cryptocurrency And Gold Related?

Highlights of the 2022 Budget

The adoption of trust-based governance and the introduction of ITR-U, which enables taxpayers to disclose their unreported income, were the budget’s main selling points in 2022. Cryptocurrency-like Virtual Digital Assets (VDA) are now subject to a 30% tax, but this tax does not allow for the offset of losses from one cryptocurrency against gains from another. On payments for VDAs that exceeded Rs. 10,000 per year, investors and traders also had to pay a 1% TDS cut. The deadline for amending sales invoices, debit-credit notes, and ITC claims that are a part of a financial year has been changed to the 30th of November of the succeeding year.

Also Read: Explain Sunflower Land: How Do You Verify Sunflower Land?

Advertisement

Share
Coingapestaff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

ASTER Deposits Flows Into Binance Wallets Following CZ Endorsement, Listing Incoming?

In a fresh development, multiple ASTER tokens have been sent to Binance spot wallets, following…

October 2, 2025
  • 24/7 Cryptocurrency News

Avalanche Treasury Seals $675M Deal With Mountain Lake to Build $1B AVAX Vehicle

Avalanche Treasury Co., in partnership with Mountain Lake Acquisition Corp., has unveiled a $675 million…

October 2, 2025
  • 24/7 Cryptocurrency News

Just In: Nasdaq-Listed VivoPower Raises $19M in Equity to Expand XRP Treasury Holdings

Nasdaq-listed VivoPower has stepped up its digital treasury goals with a fresh capital raise aimed…

October 2, 2025
  • 24/7 Cryptocurrency News

Solana Price Rallies 5% as Nasdaq-listed VisionSys Launches $2B SOL Treasury Strategy

Solana increased in price by 5% to approximately $219 following a $2 billion Solana treasury…

October 2, 2025
  • 24/7 Cryptocurrency News

XRP Ledger Rolls Out MPT Standard for Real-World Asset Tokenization

The XRP Ledger (XRPL) has launched the Multi-Purpose Token (MPT) standard, designed to simplify and…

October 1, 2025
  • 24/7 Cryptocurrency News

SEC Puts Crypto ETF Approvals On Hold Following U.S. Government Shutdown

The U.S. Securities and Exchange Commission has announced plans to streamline its operations amid the…

October 1, 2025