Budget 2022 | No set-off of any loss to be allowed on undisclosed income detected during search ops

In her Union Budget 2022-23 speech, FM NIrmala Sitharaman said that any cess or surcharge on income will not be allowed as business expenditure.

No set-off of any loss will be allowed on undisclosed income detected during search and seizure operations, said Finance Minister Nirmala Sitharaman on February 1 while presenting the Union Budget for 2022-23.

In her speech, Sitharaman said that any cess or surcharge on income will not be allowed as business expenditure.

She also proposed to introduce digital rupee by the Reserve Bank of India (RBI) using blockchain technology starting from 2022-23.

Before presenting the Budget, Sitharaman posed for the traditional 'briefcase' picture outside her office along with her team of officials before heading to meet the President. She, however, was holding a tablet instead of a briefcase to present the Budget in a digital format.

With tablet carefully kept inside a red coloured cover with a golden coloured national emblem embossed on it instead of the briefcase, she went straight to Parliament after meeting the President at Rashtrapati Bhawan.

Sitharaman, India's first full-time woman Finance Minister, had in July 2019 ditched the colonial legacy of a Budget Briefcase for the traditional Bahi-Khata to carry Union Budget Papers. She used the same in the following year, and in a pandemic-hit 2021, she swapped traditional papers for a digital tablet for carrying her speech as well as other Budget documents.

Her Budget for the fiscal year beginning April 2022 (FY2022-23) is the Modi government's 10th straight Budget since 2014 (including one interim Budget presented ahead of general elections in 2019).