11.32 lakh crore from the road, infra cess in ten years
Union Finance minister Nirmala Sitharaman said in the lok sabha on tuesday that revenue of Rs 11.32 lakh crore has been collected from road and infra cess on petrol and diesel in ten years. This figure is for the period 2010-11 to 2022-23. This means that an average of Rs 1 lakh crore is received from cess every year. From 2013-14 to 2022, the revenue from health and education cess was Rs 3.77 lakh crore, while its utility was Rs 3.94 lakh crore, said Sitharaman. The Finance Bill proposed a ban on allowing a deduction for surcharge or cess from the assessment year 2005-06 penalty of 50% will be levied on it.Taxes and surcharges have been misused for years. "People are taking it as a discount or business expense," said Finance minister Nirmala Sitharaman in response to a discussion on the Finance Bill.
People have even gone to court. It has therefore been modified with retrospective effect to bring more clarity. No penalty will be levied for disclosing the amount to the authorities. If the taxpayer provides this information himself, no penalty will be levied on him. The taxpayer's income will be re-evaluated and then valid tax will be paid, said Finance minister Nirmala Sitharaman. In the budget for the financial year 2022-23, an attempt has been made to clarify the status of tax on income earned from cryptocurrency. From 1 april 2022, 30% tax and a surcharge will be levied on cryptocurrency earnings. TDS is also proposed at the rate of 1 percent if the wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital currency is paid in excess of Rs 10,000 per annum. The provision of TDS will come into effect from July 1, 2022, while the tax on profits will come into effect from april 1, 2022.


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