Major Highlights of Union Budget 2022 | Important Key Features in PDF

Major Highlights of Union Budget 2022: Dear Exam Pundit die-hard followers, we all knew that Our Financial Minister has presented the Union Budget 2022 1st Feb 2022. Here we have given the Key Features of Union Budget 2022 India in PDF which was very important for General Awareness Section for all competitive exams. Aspirants can download this Major Highlights of Union Budget 2022 PDF and use it for the preparation.

Major Highlights of 92nd Union-Budget of India- (2022 – 2023)  | Important Key Features in PDF

On Feb 01, 2022, The Union Minister for Finance & Corporate Affairs, Smt Nirmala Sitharaman tabled the Union Budget 2022-23 in Parliament.

Budgetary Allocation to Ministries in India’s Union Budget 2022-23 :

Ministry Amount (INR billion)
Ministry of Communications INR 1054.07 billion
Ministry of Chemicals and Fertilizers INR 1077.15 billion
Ministry of Agriculture and Farmers’ Welfare INR 1325.13 billion
Ministry of Railways INR 1403.67 billion
Ministry of Home Affairs INR 1857.76 billion
Ministry of Road Transport and Highways INR 1991.07 billion
Ministry of Consumer Affairs, Food and Public Distribution INR 2176.84 billion
Ministry of Defense INR 5251.66 billion

Key highlights of the budget 2022-23 :

  • India’s economic growth is estimated at 2% to be the highest among all large economies.
  • 60 lakh new jobs to be created under the productivity linked incentive scheme in 14 sectors.
  • PLI Schemes have the potential to create an additional production of Rs 30 lakh crore.

Union Budget 2022-23 consists of four pillars :

  • PM GatiShakti
  • Inclusive Development
  • Productivity Enhancement & Investment, Sunrise opportunities, Energy Transition, and Climate Action.
  • Financing of investments

Tax Proposals at a Glance:

Direct Tax Proposals

Introduction of Updated Return Allowing taxpayers to file Updated Return within two years for correcting error
Reduced MAT and Surcharge For Cooperatives, alternate minimum tax rate reduced from 18.5 percent to 15 percent and surcharge reduced from 12 percent to 7 percent
Tax relief to persons with disability Tax relief to persons with disability by allowing the payment of annuity and lump sum amount to the differently abled dependent during the lifetime of parents/guardians, that is, on parents/ guardians attaining the age of sixty years.
Parity between employees of State and Central government

 

Increasing tax deduction limit on employer’s contribution to National Pension Scheme (NPS) account of State government employees from 10 percent to 14 percent, bringing them at par with Central government employees.
Incentives for Start-ups Extending period of incorporation of eligible startups for providing tax incentives till March 2023
Taxation of virtual digital assets Any income from transfer of any virtual digital asset (Crptocurrency, NFTs) shall be taxed at the rate of 30 percent with no set-offs, deductions
Litigation management Better litigation management to avoid repetitive appeals
Tax incentives to IFSC Income of a non-resident from offshore derivative instruments, or over the counter derivatives issued by an offshore banking unit, income from royalty and interest on account of lease of ship and income received from portfolio management services in IFSC shall be exempt from tax, subject to specified conditions.
Clarification on treatment of Surcharge or Cess Any surcharge or cess on income and profits not allowable as business expenditure

 

Indirect Tax Proposals

SEZ Policy Customs administration to be fully IT driven in SEZs
Project imports and capital goods Phasing out concessional rates in capital goods and project imports gradually and apply a moderate tariff of 7.5 percent
Customs reforms and duty rate changes Review of customs exemptions and tariff simplification

Customs duty rates are being calibrated to provide a graded rate structure to facilitate domestic electronics manufacturing

Tariff measure to encourage blending of fuel Unblended fuel to attract additional differential excise duty of INR 2 per liter from October 1, 2022

 

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This post was last modified on February 4, 2022 10:37 am