Finance Budget 2022 key highlights
Finance Budget 2022 key highlights
▶️ 25,000 Km of National
Highways to be constructed in FY 23
▶️ Rs. 2.7L Cr. to be
allocated for farmers under MSP
▶️ Agri startups to get
funding from NABARD
▶️ 400 new Vande Bharat Trains
to be initiated in next 3 years
▶️ Allocation for Emergency
Credit Guarantee Scheme for MSMEs increased by Rs.50K Cr.
▶️ PM E-Vidya program to be
increased to 200 channels giving a boost to education in vernacular languages
▶️ A digital platform to be
created for the healthcare ecosystem.
▶️ Digital University to be
created.
▶️ E-Passports with digital
chips to be rolled out next year.
▶️ 1.5L Post Offices to be
linked to core banking
▶️ A battery swapping policy
will be brought out for electric vehicles.
▶️ Center for Accelerated
Corporate Exit to be set up. The process is to be digitized and aims to bring the
corporate exit time within 6 months.
▶️ Animation, Gaming, Visual
Effects to be given a boost to enhance capabilities for meeting global demands.
▶️ 80 Lakh houses to be built
under PM Housing Scheme with allocation fo Rs. 48K Cr.
▶️ PLI scheme of Rs.19.5K
allocated for manufacturing of high-efficiency modules for solar power to
achieve the target of 280 GW of solar power
▶️ Budget allocation for
capital expenditure increased by 34.5%, to Rs.7.5L Cr.
▶️ Sovereign Green bonds to be
issued for mobilizing green energy and to reduce carbon intensity.
▶️ International Arbitration
Center to be set up in Gift City
▶️ Digital Rupee to be
introduced by RBI using blockchain technology
▶️ Rs.1L Cr. allocated for
grant of interest-free loans to States. Funds to be used for Gati Shakti and
other CAPEX by States.
▶️ Fiscal deficit for FY
2021-22 to be at 6.9% of the GDP and for FY 2022-23 is estimated to be at 6.4%
of the GDP
▶️ Proposal to allow the
filing of an updated return within 2 years from the end of the relevant
assessment year, with payment of additional tax.
▶️ MAT on Co-operatives
Societies reduced to 15% to align it with Corporates.
▶️ Startups benefits - Section
80IAC tax holiday to be allowed to the startups incorporated before 31 March
2023. Time extended by one year.
▶️ 15% tax regime for new
manufacturing companies extended by one year. Now it would be allowed to
companies incorporated on or before 31 March 2024.
▶️ Litigation Management -
repetitive appeals by the department shall be deferred till the issue of law is
settled in the matter of that assessee by the Jurisdictional High Court.
▶️ Surcharge on Long Term
Capital Gains on the transfer of any type of asset to be capped at 15%.
▶️ Surcharge or Cess not to be
allowed as business expenditure. Law to be amended to overrule judgments of
High Courts.
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