Thread by @lawbarandbench

Finance Minister Nirmala Sitharaman begins her Budget speech in Parliament

#BudgetSession2022 @nsitharaman #incometax #infrastructure @nsitharamanoffc

Nirmala Sitharaman speaks on disinvestment and refers to
- Air India sale
- Neelanchal ISPAT
- LIC IPO

#BudgetSession2022 @nsitharaman #incometax #infrastructure @nsitharamanoffc

PM Gati Shakti - 7 Engines of growth from Airports, Railways, Roads to Logistics and clean energy has been planned.

#BudgetSession2022 @nsitharaman #incometax #infrastructure @nsitharamanoffc

National Highway network to be expanded by 25,000 Kilometers in 2022-23

#BudgetSession2022 @nsitharaman #incometax #infrastructure @nsitharamanoffc

The mapping of these highways will provide open source mobility, data being available on real time for all stakeholders

#BudgetSession2022 @nsitharaman #incometax #infrastructure @nsitharamanoffc

1 state 1 product will be popularised by Railway Network to help local produce

#BudgetSession2022 @nsitharaman #incometax #infrastructure @nsitharamanoffc

400 New Generation Vandebharat trains with better energy and riding experience will be developed and manufactured in the next 3 years.

#BudgetSession2022 @nsitharaman #incometax #infrastructure @nsitharamanoffc

Parvatmala - Hilly areas roads will be taken on PPP mode to promote tourism. 8 ropeway projects with a length of 60 kms to be awarded this year.

#BudgetSession2022 @nsitharaman #incometax #infrastructure @nsitharamanoffc

1,208 Lakh Metric Tonne of Wheat and Paddy from 163 Lakh farmers to be procured.

2.37 Lakh Crore will be the direct payment of the MSP value to the farmers accounts.

#BudgetSession2022 @nsitharaman #incometax #infrastructure @nsitharamanoffc

Use of Kisan Drones for crop assessment and Digitization of Agri Records to be promoted.

#BudgetSession2022 @nsitharaman #incometax #infrastructure @nsitharamanoffc

A separate budget amount for startups in rural areas to support agriculture initiatives announced.

#BudgetSession2022 @nsitharaman #incometax #infrastructure @nsitharamanoffc

Draft DPR 5 River linking has been FINALIZED.

Once consensus is arrived between beneficiary states, Central Government to provide support.

#BudgetSession2022 @nsitharaman #incometax #infrastructure @nsitharamanoffc

MSME

Emergency Credit Line Guarantee scheme has helped 130 Lakh MSMEs.

ECLGS has been extended to March 2023 and guarantee cover to be extended by 50,000 crore to amount to 5 Lakh Crore.

#BudgetSession2022 @nsitharaman #incometax #infrastructure @nsitharamanoffc

Schools - Due to pandemic, children have lost more than 2 years of schooling. This is more so in rural areas

One Channel One Class - 12 channels to 200 Channels via PM E Vidya Scheme: FM Sitharaman

#BudgetSession2022 @nsitharaman #incometax #infrastructure @nsitharamanoffc

Quality Mental Health - 23 Tele Medi Centers announced. NIMHAN will be the Nodal Center. IIIT will be technology support. #BudgetSession2022 @nsitharaman #incometax #infrastructure @nsitharamanoffc

2 Lakh anganawadis to be upgraded.

#BudgetSession2022 @nsitharaman #incometax #infrastructure @nsitharamanoffc

Har Ghar Nal - 60,000 crore allocated to 3.8 crore households for water supply.

#BudgetSession2022 @nsitharaman #incometax #infrastructure #NirmalaSitharaman

95 percent of 112 Most backward Districts have made significant progress in key sectors of financial inclusion, health and nutrition and basic infrastructure. They have surpassed state average values

#BudgetSession2022 @nsitharaman #incometax #infrastructure #NirmalaSitharaman

Border villages to be covered under the Vibrant Villages program. Tourist Centers, Roads, DTH for Doordarshan and support for livelihood programs.

#BudgetSession2022 @nsitharaman #incometax #infrastructure #NirmalaSitharaman

100% of all POST offices to come within the core banking services between post office accounts and bank accounts. This will enable inter operability and financial inclusion.

#BudgetSession2022 @nsitharaman #incometax #infrastructure #NirmalaSitharaman

75 Digital banking Units in 75 Districts y Scheduled Banks to enhance Digital Banking.

#BudgetSession2022 @nsitharaman #incometax #infrastructure #NirmalaSitharaman

25,000 compliances were reduced and nearly 1,486 union laws were repealed in the last few years.

Minimum Government and Maximum Governance stresses Finance Minister #NirmalaSitharaman

#BudgetSession2022 @nsitharaman #incometax #infrastructure #NirmalaSitharaman

E Passports - using embedded chips will be rolled out in 2022-23

#BudgetSession2022 @nsitharaman #incometax #infrastructure #NirmalaSitharaman

Electric Vehicles: Special Mobility zones with Zero Fossil Fuel to be promoted.

Battery swapping technology policy will be brought.

Efficiency of EV policy to be enhanced.

#BudgetSession2022 @nsitharaman #incometax #infrastructure #NirmalaSitharaman

One Nation One Registration to be promoted. Anywhere registration of deeds and amendments to be facilitated.

#BudgetSession2022 @nsitharaman #incometax #infrastructure #NirmalaSitharaman #Agriculture

Necessary amendments in the IBC Code to facilitiate cross border insolvency proceedings.

#BudgetSession2022 @nsitharaman #incometax #infrastructure #NirmalaSitharaman #Agriculture

Accelerated Corporate Exists will re engineered.

Voluntary winding up of companies to be reduced from 2 years to 6 months.

#BudgetSession2022 @nsitharaman #incometax #infrastructure #NirmalaSitharaman #Agriculture

AVGC Task Force - Animation, Visual Effects, Gaming, Comics Task Force to be set up to realize domestic capacity and serve global demand.

#BudgetSession2022 @nsitharaman #incometax #infrastructure #NirmalaSitharaman #Agriculture

5 G Services to be rolled out in 2022-23 by Private Telecom Operators

#BudgetSession2022 @nsitharaman #incometax #infrastructure #NirmalaSitharaman #Agriculture

All Villages and Residents to have the same service of e-service as Urban Residents

Bharat Net completing of installing optical fibers to be complete in 2025 across India including remote areas

#BudgetSession2022 #incometax #infrastructure #NirmalaSitharaman #Agriculture

Special Economic Zones Act will be replaced by a new legislation where States will become partners.

#BudgetSession2022 #incometax #infrastructure #NirmalaSitharaman #Agriculture

Atmarnirbhartha in Defence

68% allocated to procurement from domestic industries.

Defence R &D will be open to startups, private players, academia. 25% of R &D to be allocated to this.

#BudgetSession2022 #incometax #infrastructure #NirmalaSitharaman #Agriculture

Capital Expenditure increased by 35.4 % from 5.54 Lakh Crore to 7.50 Lakh crore in 2022-23

This will be 2.9 percent of the GDP

#BudgetSession2022 #incometax #NirmalaSitharaman

Effective Capital Expenditure of Central Government (including state aids) is 10.68 Lakh Crore in 2022-23 which is about 4.1% of GDP.

#BudgetSession2022 #incometax #NirmalaSitharaman

World Class Foreign Universities to be allowed in GIFT City free from Domestic Regulations.

#BudgetSession2022 #incometax #NirmalaSitharaman

International Arbitration Center to be set up in GIFT City

#BudgetSession2022 #incometax #NirmalaSitharaman

Venture Capital and Private Equity invested more than 5.5 Lakh Crore in India in 2021-22.

Expert Committee to be set up to examine existing regulations and provide suggestions.

#BudgetSession2022 #incometax #NirmalaSitharaman

Digital Rupee using blockchain to be issued by Reserve Bank of India starting 2022-23.

#BudgetSession2022 #incometax #NirmalaSitharaman
#DigitalRupee

Nirmala Sitharaman quotes Maharbharata, Shantiparva Adhyaya

"King must make arrangements for the welfare of populists by abandoning laxities and governing by Dharma"

#BudgetSession2022 #incometax #NirmalaSitharaman
#DigitalRupee

Correct an Error in Income Tax Return

One can amend their Income Tax Return to file for a new return within a period of 2 years of assessment year

#BudgetSession2022 #incometax #NirmalaSitharaman
#DigitalRupee

Full Details is given in the Finance Bill of how one can amend their Income Tax Return
#BudgetSession2022 #incometax #NirmalaSitharaman
#DigitalRupee

Surcharge on Cooperative Societies of income of 1 -10 crore to be reduced from 15% to 7.5%

#BudgetSession2022 #incometax #NirmalaSitharaman
#DigitalRupee

Tax break for Differently Abled

Finance Minister allows payment of annuity during the life of the dependent.

#BudgetSession2022 #incometax #NirmalaSitharaman
#DigitalRupee

Incentives of Start Ups

Eligible start ups to secure tax incentives increased by one more year to 2023.

#BudgetSession2022 #incometax #NirmalaSitharaman
#DigitalRupee

Commencement of manufacturing under Section 115 (a)(b) by one more year. 31st March 2023 to 31st March 2024.

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#DigitalRupee

Virtual Digital Assets

Any income from transfer of any Virtual Digital Asset to be taxed at 30%. No deductions of expenses allowed except cost of acquisition.

Loss incurred during Virtual Digital Asset cannot be SET off.

#BudgetSession2022 #incometax #NirmalaSitharaman

Gift of Virtual Digital Asset to be taxed at the hands of the gift recipient.

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#DigitalRupee

Litigation and Appeals on Identicial issues

If a question of law in the case of assessee is identical and pending before a jurisdictional High Court or Supreme Court in any case, the filing of appeal by the Department shall be DEFERRED

#BudgetSession2022 #incometax

NO set off of any loss will be allowed during SEARCH and SEIZURE operations

#BudgetSession2022 #incometax #NirmalaSitharaman
#DigitalRupee

Benefits passed on to Agents

Tax deduction at the hands of the company if benefits passed on are above 20,000 in one year.

#BudgetSession2022 #incometax #NirmalaSitharaman
#DigitalRupee

I would like to bring to the notice of this house, gross GST collection for the month of January, 2022 is 1,40,986 crore which is the HIGHEST since the inception of GST: Finance Minister Nirmala Sitharaman

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#cryptocurrency #GST

Finance Minister introduces the Finance Bill and concludes her Budget speech.

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Read the Finance Minister's Budget speech in English

indiabudget.gov.in/doc/Budget_Spe…

Download WORD format. - indiabudget.gov.in/doc/budget_spe…

#Budget2022 #BudgetSession2022 #incometax #NirmalaSitharaman #cryptocurrency #Crypto

Download the FINANCE BILL, 2022

indiabudget.gov.in/doc/Finance_Bi…

#Budget2022 #BudgetSession2022 #incometax #NirmalaSitharaman #cryptocurrency #Crypto