{"id":21730,"date":"2022-02-01T13:26:10","date_gmt":"2022-02-01T07:56:10","guid":{"rendered":"https:\/\/carajput.com\/blog\/?p=21730"},"modified":"2023-01-08T23:52:10","modified_gmt":"2023-01-08T18:22:10","slug":"budget-2022-23","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/budget-2022-23\/","title":{"rendered":"Key Highlights of Budget 2022"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69e197e749fb6\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69e197e749fb6\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/budget-2022-23\/#Key_Highlights_of_Budget_2022\" title=\"Key Highlights of Budget 2022\">Key Highlights of Budget 2022<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/budget-2022-23\/#Under_the_Infra-sector_the_government_extended_their_priority_towards_%E2%80%93\" title=\"Under the Infra-sector, the government extended their priority towards &#8211;\">Under the Infra-sector, the government extended their priority towards &#8211;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/budget-2022-23\/#Some_other_updates_from_the_Infra-sector_were_%E2%80%93\" title=\"Some other updates from the Infra-sector were \u2013\">Some other updates from the Infra-sector were \u2013<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/budget-2022-23\/#After_this_some_sought_of_relief_was_extended_to_the_rural_and_urban_people_%E2%80%93\" title=\"After this, some sought of relief was extended to the rural and urban people \u2013\">After this, some sought of relief was extended to the rural and urban people \u2013<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/budget-2022-23\/#Next_we_come_to_the_most_awaited_sector_that_is_taxation\" title=\"Next we come to the most awaited sector that is taxation.\">Next we come to the most awaited sector that is taxation.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/budget-2022-23\/#Next_comes_the_deficitexpenditure\" title=\"Next comes the deficit\/expenditure\">Next comes the deficit\/expenditure<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carajput.com\/blog\/budget-2022-23\/#Next_comes_the_Customs_and_Duties\" title=\"Next comes the Customs and Duties\">Next comes the Customs and Duties<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carajput.com\/blog\/budget-2022-23\/#Next_one_is_the_Finance_Sector_%E2%80%93\" title=\"Next one is the Finance Sector \u2013\">Next one is the Finance Sector \u2013<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/carajput.com\/blog\/budget-2022-23\/#Another_hot_and_much_awaited_topic_was_Digital_CurrencyAssets\" title=\"Another hot and much awaited topic was Digital Currency\/Assets\">Another hot and much awaited topic was Digital Currency\/Assets<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/carajput.com\/blog\/budget-2022-23\/#Next_we_come_to_the_Infrastructure_Sector_%E2%80%93\" title=\"Next we come to the Infrastructure Sector \u2013\">Next we come to the Infrastructure Sector \u2013<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/carajput.com\/blog\/budget-2022-23\/#Then_come_the_Agriculture_Sector_%E2%80%93\" title=\"Then come the Agriculture Sector \u2013\">Then come the Agriculture Sector \u2013<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/carajput.com\/blog\/budget-2022-23\/#Other_areas_of_budget_include_Transport_Sector_%E2%80%93\" title=\"Other areas of budget include Transport Sector \u2013\">Other areas of budget include Transport Sector \u2013<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/carajput.com\/blog\/budget-2022-23\/#Next_is_the_scheme_for_Women_Children_%E2%80%93\" title=\"Next is the scheme for Women &amp; Children &#8211;\">Next is the scheme for Women &amp; Children &#8211;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/carajput.com\/blog\/budget-2022-23\/#Next_comes_the_Easement_of_Business_%E2%80%93\" title=\"Next comes the Easement of Business \u2013\">Next comes the Easement of Business \u2013<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/carajput.com\/blog\/budget-2022-23\/#Then_comes_the_Defense_Sector_%E2%80%93\" title=\"Then comes the Defense Sector \u2013\">Then comes the Defense Sector \u2013<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/carajput.com\/blog\/budget-2022-23\/#Coming_to_Climate_Net_Zero_%E2%80%93\" title=\"Coming to Climate &amp; Net Zero &#8211;\u00a0\">Coming to Climate &amp; Net Zero &#8211;\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/carajput.com\/blog\/budget-2022-23\/#TAXATION\" title=\"TAXATION\">TAXATION<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/carajput.com\/blog\/budget-2022-23\/#Direct_Tax\" title=\"Direct Tax\">Direct Tax<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p><strong><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-21727\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/01\/budget-2022-23-New--300x245.jpg\" alt=\"budget 2022-23 New\" width=\"857\" height=\"700\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/01\/budget-2022-23-New--300x245.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/01\/budget-2022-23-New--768x627.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/01\/budget-2022-23-New-.jpg 782w\" sizes=\"(max-width: 857px) 100vw, 857px\" \/><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Key_Highlights_of_Budget_2022\"><\/span><span style=\"color: #ff0000;\"><strong>Key Highlights of Budget 2022<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Finance Minister, N Sitharaman showed gratitude and empathized with those suffering from Covid-19 Pandemic. Thereafter, the Budget started with announcement, which was a push for the infrastructure sector.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Under_the_Infra-sector_the_government_extended_their_priority_towards_%E2%80%93\"><\/span><span style=\"color: #000080;\">Under the Infra-sector, the government extended their priority towards &#8211;<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>PM Gati Shakti Master Plan, where around 100 Gati Shakti cargo terminals will be placed in the coming 3 years.<\/li>\n<li>Inclusive Development of Infrastructure wherein the government will undertake procurement of Wheat and Rabbi, during the financial year 2021-22, and the same will cover 1208 lakh metric tonnes of wheat and paddy from around 163 lakh farmers. Apart from this chemical free farming will be promoted all across the country.<\/li>\n<li>Transition of Energy as well as Climate Changes and actions<\/li>\n<li>And lastly, the financing of the investment<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Some_other_updates_from_the_Infra-sector_were_%E2%80%93\"><\/span><span style=\"color: #000080;\">Some other updates from the Infra-sector were \u2013<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>By the Financial Year 2023, the highways will be expanded by 25,000km.<\/li>\n<li>Then, by the next 3 coming years, around 100 new cargo terminals will be developed by the government.<\/li>\n<li>Then, over the next 3 years, around 400 new generation Vande Bharat trains would be launched.<\/li>\n<li>And lastly, the draft Riverlink in respect of 5 projects has been finalized, wherein irrigation benefit would be provided to 9 lakh hectare of farmer land.<\/li>\n<\/ul>\n<h3><strong><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-21734\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/02\/Budget-2022-23.-300x236.jpg\" alt=\"Budget 2022-23.\" width=\"850\" height=\"669\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/02\/Budget-2022-23.-300x236.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/02\/Budget-2022-23.-768x604.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/02\/Budget-2022-23..jpg 776w\" sizes=\"(max-width: 850px) 100vw, 850px\" \/><\/strong><\/h3>\n<h3><span class=\"ez-toc-section\" id=\"After_this_some_sought_of_relief_was_extended_to_the_rural_and_urban_people_%E2%80%93\"><\/span><span style=\"color: #000080;\">After this, some sought of relief was extended to the rural and urban people \u2013<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Benefit of the scheme of ECLGS has been further extended till Mar-2023 and also the coverage of the scheme would be extended from Rs. 50,000 crores to Rs. 5 trillion.<\/li>\n<li>There would be Rs. 48,000 crores sanctioned for the PMAY for both rural and urban sector.<\/li>\n<li>Also, under Nal se Jal, Rs. 60,000 crores has been sanctioned, which will cover around 3.8 crores households.<\/li>\n<li>The SCBs will also set up 75 digital units in 75 districts in India.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Next_we_come_to_the_most_awaited_sector_that_is_taxation\"><\/span><span style=\"color: #000080;\">Next we come to the most awaited sector that is taxation.<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>A provision in respect of filing of the updated Income Tax returns has been provided, wherein the taxpayers can update their Income Tax Returns within a period of 2 years from end of the respective Assessment Year.<\/li>\n<li>For the Co-operatives, the AMT rates have been reduced from 18.5% to 15%. Along with this, the surcharge on total income has been reduced for income ranging from Rs. 1Cr to 10Cr.<\/li>\n<li>Now, for the persons with disability, tax relief has been granted, wherein annuity payment will be allowed to differently abled dependents, in case their parents attain age of 60 years.<\/li>\n<li>Good news came for the start-ups, wherein those established before 31.03.2023 would be provided with the tax holiday, which was earlier extended to Start-ups established before 31.03.2022.<\/li>\n<li>Also, the last date for commencement of manufacturing, in order to claim lower taxation rates, in accordance with the Section 115BAB, has been further extended to 31.03.2024.<\/li>\n<li>Another hot topic is taxation of Virtual\/Digital assets, which is commonly known as Cryptocurrency. Under this, income by way of transfer of virtual digital assets would be taxed @ 30% and no deduction could be claimed for the expenses and loses.<\/li>\n<li>No repetitive appeals would be allowed where there is common question of laws.<\/li>\n<li>Apart from this, the off-shore banking units\/IFSC income would be provided with exemptions.<\/li>\n<li>Good news for AOPs, as the surcharge applicable on them has been capped @ 15%.<\/li>\n<li>The rate of surcharge on LTCG on any sought of asset has been capped @ 15%.<\/li>\n<li>Also, it has been clarified that the amount of health and education cess would not be available to corporates as business expenditure u\/s 37.<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-21725\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/01\/budget.1-300x237.jpg\" alt=\"budget 2022-23\" width=\"827\" height=\"654\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/01\/budget.1-300x237.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/01\/budget.1-768x607.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/01\/budget.1.jpg 790w\" sizes=\"(max-width: 827px) 100vw, 827px\" \/><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Next_comes_the_deficitexpenditure\"><\/span><span style=\"color: #000080;\">Next comes the deficit\/expenditure<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>It is proposed that the fiscal deficit by the FY 2025-26 would be 4.5% of GDP.<\/li>\n<li>However, the fiscal deficit projected in the FY 2022-23 would be 6.4% of GDP.<\/li>\n<li>Also, the revised fiscal deficit for FY 2021-22 stands @ 6.9% of GDP.<\/li>\n<li>The total expenditure in the financial year 2022-23 is projected to be around Rs. 39.45 trillion.<\/li>\n<li>Benefit has been provided to states, as they would be allowed 4% fiscal deficit to GDP during the FY 2023.<\/li>\n<li>Apart from this, a 50 year interest free loan be provided to the states, and the same would be over and above their respective normal borrowing.<\/li>\n<li>During the FY 2022-23, scheme for financial assistance to states in respect of capital investment outlay would be Rs. 1 trillion.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Next_comes_the_Customs_and_Duties\"><\/span><span style=\"color: #000080;\">Next comes the Customs and Duties<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Government has proposed to reduce import duty on certain chemicals.<\/li>\n<li>Apart from duty cut, the customs duty exemption on steel scrap has been further extended by another year in respect of small- and medium-sized businesses.<\/li>\n<li>Another update is that the custom duty on stainless steel, flat products, high steel bars has been revoked.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Next_one_is_the_Finance_Sector_%E2%80%93\"><\/span><span style=\"color: #000080;\">Next one is the Finance Sector \u2013<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>ECLG scheme has been further extended to March 23 in respect of small and medium sized businesses.<\/li>\n<li>Government has notified that the public issue of Life Insurance Corporation is expected in short period of time.<\/li>\n<li>Also, the government is proposing to replace the SEZ Act, with a new legislation.<\/li>\n<li>The government is proposing to amend the Insolvency and Bankruptcy Code 2016, and is hence looking for speeding up the resolution process.<\/li>\n<li>Also, the time period for winding up of companies be reduce to a period of 6 months from the current period of 2 years.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Another_hot_and_much_awaited_topic_was_Digital_CurrencyAssets\"><\/span><span style=\"color: #000080;\">Another hot and much awaited topic was Digital Currency\/Assets<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>By 2022-23, government, through Reserve Bank of India, would be launching digital rupee using blockchain technology.<\/li>\n<li>In this, the income by way of transfer of virtual digital assets would be taxed @ 30% and no deduction could be claimed for the expenses and loses<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Next_we_come_to_the_Infrastructure_Sector_%E2%80%93\"><\/span><span style=\"color: #000080;\">Next we come to the Infrastructure Sector \u2013<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Under this, the 5G spectrum auctions will be rolled out in the financial year 2022. Under this, the scheme for design-led manufacturing will form the part of production-linked scheme.<\/li>\n<li>Around Rs. 480 billion would be set aside in the year 2022-23, for providing affordable housing.<\/li>\n<li>Apart from this, an additional Rs. 195 billion would be apportioned for production-linked incentives for those indulged in solar equipment manufacturing.<\/li>\n<li>About 5% of the USO Fund would be provided for the upgradation of the R&amp;D and technology.<\/li>\n<li>Under the BharatNet project (PPP), the contracts for laying optical fibre in villages will be awarded in the year 2022-23.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Then_come_the_Agriculture_Sector_%E2%80%93\"><\/span><span style=\"color: #000080;\">Then come the Agriculture Sector \u2013<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Certain domestic schemes be introduced in order to reduce the dependency on oilseed imports in India.<\/li>\n<li>There would be availability of fund with blended capital which would be raised under co-investment model, and the same be utilized for financing of agriculture startups.<\/li>\n<li>And most importantly, the railways will strive to develop infrastructure for providing ease to small farmers.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Other_areas_of_budget_include_Transport_Sector_%E2%80%93\"><\/span><span style=\"color: #000080;\">Other areas of budget include Transport Sector \u2013<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Around 400 energy efficient trains are expected to be manufactured over coming 3 years.<\/li>\n<li>Indian National Highways network will be expanded by 25,000km in the year 2022-23.<\/li>\n<li>Now, for the expansion of highways, the cost for the same would be around Rs. 200 billion.<\/li>\n<li>Lastly, India is looking to bring battery swapping policy in the coming years.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Next_is_the_scheme_for_Women_Children_%E2%80%93\"><\/span><span style=\"color: #000080;\">Next is the scheme for Women &amp; Children &#8211;<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Recognisation to the &#8216;Nari Shakti&#8217;, schemes were launched which tends to provide integrated development for women and children.<\/li>\n<li>Around 2 lakh Anganwadis would be upgraded by the government in order to improve child healthcare.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Next_comes_the_Easement_of_Business_%E2%80%93\"><\/span><span style=\"color: #000080;\">Next comes the Easement of Business \u2013<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>In order to provide ease of doing business, around 75,000 compliances have been sought to be eliminated and around 1,486 union laws have been repealed.<\/li>\n<li>Now, after ease of doing business, the next step would be ease of living.<\/li>\n<li>And lastly, the voluntary exit for the companies has been cut down to 6 months from the previous period of 2 years.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Then_comes_the_Defense_Sector_%E2%80%93\"><\/span><span style=\"color: #000080;\">Then comes the Defense Sector \u2013<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>So, under the Union Budget 2020, the government commits to reduce the import and hence promote self reliance and sufficiency in the defense sector.<\/li>\n<li>Also, around 68% of capital which is allocated to the defence sector would be embarked for local industry.<\/li>\n<li>Apart from this, the private industry would be encouraged to take up design and development of military platforms and equipment and the same be done in collaboration with DRDO and other organizations with the help of SPV model.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Coming_to_Climate_Net_Zero_%E2%80%93\"><\/span><span style=\"color: #000080;\">Coming to Climate &amp; Net Zero &#8211;\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Government of India commits to use their funds for projects which will help in reducing carbon intensity of economy.<\/li>\n<li>Also, sovereign green bonds will be one of the mode of government\u2019s borrowing during the FY 2023.<\/li>\n<li>The proceeds of these bonds would be utilized and deployed in public sector projects.<\/li>\n<li>An additional Rs 19,500 crores would be allocated for PLI in respect of manufacturing of high efficiency solar modules.<\/li>\n<li>And lastly, undertaking low carbon development strategies would also open the scope of employment opportunity.<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-21777\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/02\/education-budget-highlight.-224x300.jpg\" alt=\"education-budget-highlight.\" width=\"652\" height=\"873\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/02\/education-budget-highlight.-224x300.jpg 224w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/02\/education-budget-highlight..jpg 614w\" sizes=\"(max-width: 652px) 100vw, 652px\" \/><\/p>\n<h3><span class=\"ez-toc-section\" id=\"TAXATION\"><\/span><span style=\"color: #000080;\">TAXATION<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Import duty on certain chemicals are being reduced<\/li>\n<li>Customs duty exemption on steel scrap to be extended for another year for small- and medium-sized businesses<\/li>\n<li>Unblended fuel to get additional duty of 2 rupees per litre from October 2022<\/li>\n<li>Customs duty on stainless steel, flat products, high steel bars to be revoked<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Direct_Tax\"><\/span><a href=\"https:\/\/www.caindelhiindia.com\/blog\/popular-faq-on-direct-indirect-tax-corporate-regulatory-matters\/\"><span style=\"color: #0000ff;\"><strong>Direct Tax<\/strong><\/span><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Provision for filing \u2018Updated ITR&#8217;s\u2019 within 2 years from end of relevant AY<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-23856\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/10\/photo_2023-01-05_08-55-01.jpg\" alt=\"Late Fee under Updated ITR\" width=\"883\" height=\"457\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/10\/photo_2023-01-05_08-55-01.jpg 883w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/10\/photo_2023-01-05_08-55-01-300x155.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/10\/photo_2023-01-05_08-55-01-768x397.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/10\/photo_2023-01-05_08-55-01-800x414.jpg 800w\" sizes=\"(max-width: 883px) 100vw, 883px\" \/><\/p>\n<ul>\n<li>Reduced AMT rates for Co-operatives from 18.5% to 15%Reduced surcharge for Co-operatives with total income of 1cr to 10Cr<\/li>\n<li>Tax relief for persons with disability: Allow annuity payment to differently abled dependents when parents attaining age of 60 years<\/li>\n<li>Deduction for NPS for State Govt employees u.s 80CCC made at par with Central Govt.<\/li>\n<li>Start-ups established before 31.03.2023 (earlier \u2013 31.03.2022; now extended by one year) will be provided tax breaks<\/li>\n<li>Last date for commencement of manufacturing for claiming lower tax regime U\/s 115BAB to be 31.03.2024 (earlier 31.03.2023; now extended by one year)\n<ul>\n<li><strong>Virtual digital assets (Cryptocurrency): <\/strong>Income from transfer of virtual digital assets to be taxed at 30%;<\/li>\n<li>No deduction for expenses other than cost of acquisition; No set off of losses<\/li>\n<li>TDS @ 1% on consideration above specific threshold<\/li>\n<li><strong>Gift to be taxed u.s 56(2)(x) Under Income Tax act <\/strong><\/li>\n<li>No repetitive appeals for common question of laws<\/li>\n<li>Off-shore banking units\/ IFSC income to be provided exemptions<\/li>\n<li>Surcharge of certain AOPs to be capped at 15%<\/li>\n<li>Health and education cess not allowable as business expenditure u\/s 37<\/li>\n<li>No set off of losses against undisclosed income detected during search<\/li>\n<li>Surcharge on Long Term Capital Gains on any assets to be capped at 15%<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><strong>Popular post<br \/>\n<\/strong><\/p>\n<ul>\n<li><a href=\"https:\/\/carajput.com\/blog\/taxpayers-should-be-aware-of-6-income-tax-reforms-in-the-union-budget-2021\/\">Budget 2021- key highlight <\/a><\/li>\n<li><a href=\"https:\/\/carajput.com\/blog\/expected-tax-relief-in-budget-2021-on-medical-expenses-insurance\/\">Medical expenses &amp; insurance Tax Relief in Budget 2021 <\/a><\/li>\n<li><a href=\"https:\/\/carajput.com\/blog\/budget-2021-will-start-changing-existing-business-processes\/\">Overview of Union Budget 2021 Highlight<\/a><\/li>\n<li><a href=\"https:\/\/carajput.com\/blog\/govt-needed-to-introduce-changes-in-nps-in-budget-2021\/\">Govt needed to introduce Changes in NPS in Budget 2021\u00a0 <\/a><\/li>\n<li><a href=\"https:\/\/carajput.com\/blog\/budget-2021-will-be-completely-paperless-first-after-independence\/\">Paperless Budget 2021<\/a><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Highlights of Budget 2022 Finance Minister, N Sitharaman showed gratitude and empathized with those suffering from Covid-19 Pandemic. Thereafter, the Budget started with announcement, which was a push for the infrastructure sector. Under the Infra-sector, the government extended their priority towards &#8211; PM Gati Shakti Master Plan, where around 100 Gati Shakti cargo terminals &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9767],"tags":[6353,6235],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/21730"}],"collection":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/comments?post=21730"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/21730\/revisions"}],"predecessor-version":[{"id":23859,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/21730\/revisions\/23859"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=21730"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=21730"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=21730"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}