Budget 2022 - Key Highlights

  •  Top focus of the budget this year are: PM Gati Shakti, Inclusive Development, Productivity Enhancement, Sunrise Opportunities, Energy Transition, Climate Action, Financing of investments.
  • No change in Tax slab.

  • Taxpayers can file updated ITR within two year of relevant assessment year.📑
  • Surcharge on cooperative societies reduced to 12% for income of Rs 1 crore to 10 crore.✅
  • Budget proposes to reduce AMT to 15% for Cooperatives + surcharge reduced to 7%✅ 
  • No set off✖️ of any loss to be allowed against undisclosed income detected during Search.
  • Digital ecosystem for skilling and livelihood to be launched.
  • This will aims to skill, reskill, upskill citizens through online training.🧰
  • Battery swapping policy🔁 to allow EV charging stations🚥 for automobiles🚗 will be framed
  • Private sector will be encouraged to create sustainable and innovative business models for battery and energy as a service,🚘 improving the efficiency in the EV ecosystem.
  •  Proposed to introduce Digital Rupee by RBI using blockchain technology, starting 2022-23.
  • 75 digital banks in 75 districts will be set up by scheduled commercial banks🏦 to encourage digital payments.
  • For mental health counselling, a National Tele Mental Health Program will be launched.
  • Spectrum auction will be conducted in 2022 for the rollout of 5G.
  • Scheme for design led manufacturing to be launched for 5G ecosystem as part of PLI scheme to enable affordable broadband and mobile communication📱🖥️ in rural and remote areas.
  • ePassports🇮🇳 will be rolled out in 2022-23 for convenience in overseas travel
  • E-passport📲 with embedded chip will be rolled out.
  • To opt for Concessional tax rate under sec 115AB, sunset provision has been extended up to 31 March 2024 from current 31 March 2023.🔜
  • Health and education cess clarification is an additional surcharge levied on assessee for welfare of the country. Hence it cannot❌ be allowed as a business expense while computing the total income.
  • Virtual Digital Assets - Capital gains from transfer of such assets to be taxed at 30%; Loss not to be allowed to be set off.
  • Project Imports - Customs concessional regime phased out - 7.5% tax imposed.
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