Budget 2022: '30% Tax', 'Middle Class' trends on social media after FM Sitharaman's speech

The outpouring of dissatisfaction on social media was obvious when the Union Budget 2022 failed to include any tax breaks for the salaried class. Individual taxpayers, who account for almost 35-40% of direct tax collections, had hoped for some income tax relief to help offset the economic harm caused by the COVID-19 outbreak. However, when delivering the Union Budget 2022, Finance Minister Nirmala Sitharaman did not announce any income tax rates or slabs adjustments.

Meanwhile, the Union Budget 2022 proposes that the transfer of bitcoin or other virtual assets be taxed at 30%. According to Finance Minister Nirmala Sitharaman, no deductions would be permitted save for acquisition costs, and no transaction losses will be allowed to be carried forward.

Take a look at the reactions, memes shared by netizens on social media: 

This time, Sitharaman's budget address lasted just 92 minutes, making it her shortest ever. Her 2020 address garnered headlines for being the longest in Indian history, spanning around 2 hours and 40 minutes. This year's budget will be made available via an app named "Union Budget Mobile App." Last year, the app was launched to enable Members of Parliament (MPs) and the general public with easy access to Budget information.

Also Read | Union Budget 2022 LIVE: Big expectations from Finance Minister Nirmala Sitharaman's budget

Also Read | Budget 2022: No change in Income Tax slabs for tax paying individuals, tax rates announced

Also Read | Budget 2022: Take a look what gets cheaper and costlier in this budget

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• Budget 2022
• Nirmala Sitharaman
• Union Budget
• Budget session
• memes
• Twitter