Summary #UnionBudget2022
• FY23, planned expenditure = 39.45 Lakh Cr; planned revenue = 22.84 Lakh Cr
• FY22 fiscal deficit: 6.90%; FY23 estimated at 6.40%
• PIL outlay of 30 Lakh Cr, aims at 60 Lakh new jobs
• FY23 divestment at 65,000cr.
• FY22 GDP at 9.27%.
#Budget2022
• FY23, planned expenditure = 39.45 Lakh Cr; planned revenue = 22.84 Lakh Cr
• FY22 fiscal deficit: 6.90%; FY23 estimated at 6.40%
• PIL outlay of 30 Lakh Cr, aims at 60 Lakh new jobs
• FY23 divestment at 65,000cr.
• FY22 GDP at 9.27%.
#Budget2022
• New scheme for branding promotion of Millet Product & domestic production of oil seeds
• Emergency Credit Line Guarantee to continue till 31st Mar FY23 with new outlay of 50 Lakh Cr
• Inter Operation between Post Office & Bank Account
• Digital Banking Unit in 75 districts
• Emergency Credit Line Guarantee to continue till 31st Mar FY23 with new outlay of 50 Lakh Cr
• Inter Operation between Post Office & Bank Account
• Digital Banking Unit in 75 districts
• E Passport with embedded chip to be introduced
• 68% of defense capex budget for domestic firms
• Capex 7.50 Lakh Cr in FY23 (up by 35.4%)
• Sovereign Green Bond introduction for energy & allied sector funding
• GIFT IFSC – International Arbitration Tribunal to be set up
• 68% of defense capex budget for domestic firms
• Capex 7.50 Lakh Cr in FY23 (up by 35.4%)
• Sovereign Green Bond introduction for energy & allied sector funding
• GIFT IFSC – International Arbitration Tribunal to be set up
• RBI to introduce digital rupee currency using block chain technology
• Income from transfer of virtual digital assets to be taxed at 30%; No deduction for expenses other than cost of acquisition; No set off of losses
• Updated IT returns within 2 yrs from end of relevant AY
• Income from transfer of virtual digital assets to be taxed at 30%; No deduction for expenses other than cost of acquisition; No set off of losses
• Updated IT returns within 2 yrs from end of relevant AY
• Reduced AMT rates for Co-operatives from 18.5% to 15%; Reduced surcharge for Co-operatives
• Tax relief for persons with disability: Allow annuity payment to differently abled dependents when parents attaining age of 60 yrs
• Dividend from RBI: 79,000cr (??)
• Tax relief for persons with disability: Allow annuity payment to differently abled dependents when parents attaining age of 60 yrs
• Dividend from RBI: 79,000cr (??)
• Deduction for NPS for State Government employees u.s 80CCC made at par with Central Govt.
• Start-ups established before 31.03.2023 (earlier – 31.03.2022; now extended by 1 year) will be provided tax breaks
• Start-ups established before 31.03.2023 (earlier – 31.03.2022; now extended by 1 year) will be provided tax breaks
• Last date for commencement of mfg for claiming lower tax regime under Section 115BAB to be 31.03.2024 (earlier 31.03.2023; now extended by 1 year)
• No repetitive appeals for common question of laws
• Off-shore banking units/ IFSC income to be provided exemptions
• No repetitive appeals for common question of laws
• Off-shore banking units/ IFSC income to be provided exemptions
• Surcharge of certain AOPs to be capped at 15%
• Surcharge on Long Term Capital Gains on any assets to be capped at 15%
• Health and education cess not allowable as business expenditure u/s 37
• No set off of losses against undisclosed income detected during search
End..
• Surcharge on Long Term Capital Gains on any assets to be capped at 15%
• Health and education cess not allowable as business expenditure u/s 37
• No set off of losses against undisclosed income detected during search
End..
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