On February 01, 2022 , Finance Minister of India Nirmala Sitharaman delivered the Union Budget 2022 applicable for the Financial Year 2022-23. The Finance Bill was summarized and read out in the Parliament in front of Hon’ble Speaker and all the Members of Parliament
Annual Finance Budget 2022 Highlights
- RELAXATION FOR CO-OPERATIVE SOCIETIES
AMT reduced to 15% from 18.5% and Surcharge reduced from 12% to7% for Total Income between Rs.1-10 crores
- OPTION OF UPDATED RETURN
Provision to correct your error returns, and file an updated return within two years from the end of the relevant assessment year.
- NATIONAL PENSION SCHEME
State Govt Contribution to NPS A/c of State Govt employees increased from 10% to 14%
RBI to issue cryptocurrency “Digital Rupee” using Blockchain Technology starting from 2022-23
TAXATION ON VIRTUAL DIGITAL ASSETS
- 30% on any income from transfer of any Virtual Digital Asset
- No deduction of any expense/allowance, except Cost of Acquisition
- TDS of 1% on payment made in relation to transfer of such asset
- Gift of such asset to be taxed in hands of recipient
INCENTIVES FOR START-UPS
Eligible start-ups incorporated up to 31/03/2023 to get tax incentive for three consecutive years out of first ten years from incorporation.
RATIONALIZATION OF SURCHARGE
- 15% SURCHARGE ON AOPs
Due to higher surcharge of 37%, companies were reluctant to form AOPs for works contract. Now the surcharge has been capped at15% to bring the such difference on par.
- 15% SURCHARGE ON LTCG OTHER THAN LISTED EQUITY SHARES
Other LTCG are subjected to a graded surcharge which goes up to 37% Now the surcharge has been capped at 15% on transfer of any type of assets.
PM GATISHAKTI NATIONAL MASTER PLAN
It will encompass the seven engines for economic transformation, seamless multimodal connectivity and logistics efficiency.
- ROAD TRANSPORT
National Highways network will be expanded by 25,000 km in 2022-23
- SEAMLESS MULTIMODAL MOVEMENT OF GOODS AND PEOPLE
Data exchange among all mode operators will be brought on Unified Logistics Interface Platform (ULIP),designed for Application Programming Interface (API)
- MULTIMODAL LOGISTICS PARKS
Contracts for implementation of Multimodal Logistics Parks at four locations through PPP mode will be awarded in 2022-23.
Four hundred new-generation Vande Bharat Trains will be developed and manufactured during the next three years.
- MASS URBAN TRANSPORT
Design of metro systems, including civil structures, will be re-oriented and standardized for Indian conditions and needs.
- PARVATMALA: NATIONAL ROPEWAYS DEVELOPMENT PROGRAMME
Contracts for 8 ropeway projects for a length of 60 km will be awarded in 2022-23.
- CAPACITY BUILDING FOR INFRASTRUCTURE PROJECTS
Give technical support to ramp up capacity in planning, design, financing, and implementation management of the PM GatiShakti infrastructure projects.
- Established to provide access to students across the country for world-class quality universal education with personalized learning experience at their doorsteps.
- Available in different Indian languages and ICT formats.
- Best public universities and institutions in the country will collaborate as a network of hub-spokes.
- DIRECT PAYMENT OF MSP TO FARMERS
Procurement of wheat and paddy in2021-22 will cover 1208 lakh metric tons of wheat and paddy from 163 lakh farmers, and Rs 2.37 lakh crore direct payment of MSP value to their accounts.
- REVISED SYLLABUS OFAGRICULTURAL UNIVERSITIES
To introduce natural, zero-budget and organic farming, modern-day agriculture, value addition and management
- BLENDED CAPITAL FUND UNDERCO-INVESTMENT MODEL
Facilitated through NABARD, this is to finance startups for agriculture & rural enterprise, which will include support for FPOs, machinery for farmers on rental basis at farm level, and technology including IT-based support.
- ECLGS will be extended up to March 2023 and its guarantee cover will be expanded to total cover of Rs 5 lakh crore
- RAMP programme with outlay of Rs 6,000 crore over 5 years will be rolled out
- Additional credit of Rs 2 lack crores under CGTMSE Scheme
- Udyam, e-Shram, NCS and ASEEM portals will be interlinked, perform as portals with live, organic databases
- PM AWAS YOJANA
In 2022-23 80 lakh houses will be completed for the identified eligible beneficiaries. Rs 48,000 crore is allocated for this purpose.
- PM DevINE
Prime Minister’s Development Initiative for North-East will fund infrastructure and social development projects based on felt needs of the North-East. Initial allocation of Rs 1,500 crore will be made
- HAR GHAR, NAL SE JAL
Allocation of Rs 60,000 crore has been made with an aim to cover 3.8 crore households in 2022-23.
EASE OF DOING BUSINESS “EODB 2.0” AND EASE OF LIVING, WILL BE LAUNCHED
Issuance of e-Passports using embedded chip and futuristic technology
- CLEAN & SUSTAINABLE MOBILITY
Promote a shift to use of public transport complemented by cleantech and governance solutions, special mobility zones with zero fossil-fuel policy and EV vehicles.
- TELECOM SECTOR
Required spectrum auctions will be conducted in 2022 to facilitate rollout of 5G mobile services
- ATMANIRBHARTA IN DEFENCE
Defence R&D will be opened up for industry, startups and academia with 25 per cent of defence R&D budget
- SOLAR POWER
An additional allocation of Rs19,500 crore for Production Linked Incentive for manufacture of high efficiency modules will be made
- AVGC PROMOTION TASKFORCE
The animation, visual effects, gaming, and comic (AVGC) sector offers immense potential to employ youth. Set-up to recommend ways to realize this and build domestic capacity for serving our markets and the global demand.
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