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• NO change in personal tax rates/slabs or increase in any exemption/deduction limits in FM’s speech
• Current tax benefits for startups, to be extended by 1 more year, which were offered redemption of taxes for 3 consecutive years
• Sensex Up 890 Points eyes 59,000 as FM presents Budget 2022
• Gift of cryptocurrencies to be taxed at receiver’s end
• Any surcharge or cess is not allowable as Expenditure Says FM
• Transaction in cryptocurrency, [virtual digital asset] to be taxed at 30%. No deduction except cost of acquisition. TDS at 1% to be deducted on transaction value.
• Income from the transfer of Virtual Asset shall be taxed at a rate of 30%. COA shall be allowed as a deduction.
• Tax Incentives for co-ops
  • Alternate Minimum Tax for cooperative societies to be cut to 15%.
  • Proposal will reduce surcharge on cooperative societies to 7%, for those whose income is between Rs 1 crore and Rs 10 crore.
• MAT rates for co-operative societies to be brought at 15%
• Budget2022 proposes to allow a window to rectify returns for last 2 assessment years by paying the missing taxes to reduce litigation.
• New provision for filing updated return from 2 years of relevant AY to be introduced on Additional Fees
• Digital rupee, using blockchain, to be launched by RBI in 2023
• Rollout of digital crypto currency based on blockchain technology by RBI now gets node from FM in Budget
• India to launch sovereign green bonds
• SEZ (Special Economic Zones) Act will be replaced with new legislation taking states on the board.
• National Ropeways Development Programme to be taken up in PPP mode with the aim to improve connectivity, besides promoting Tourism says FM.
• Contracts for laying optical fibre in villages to be awarded under BharatNet project under PPP in 2022-23
• Focus on Self reliant defence sector:
  • Defense R&D will be opened up for industry
  • Startups and academia with 25% of defense R&D budget.
  • 68% of capital procurement budget in defence will be earmarked for domestic industry in 2022-23
  • Private industry will be encouraged to take up the design and development of military platforms and equipment in collaboration with DRDO and other organizations through SPV model.
• Spectrum auction will be conducted in 2022 for the rollout of 5G mobile services by private telecom providers
• Amendments for the Bankruptcy Code to speed up voluntary winding up of companies
  • IBC amendments to enhance efficiency of resolution process
  • facilitate cross-border insolvency resolution
  • To speed up voluntary winding up of companies
• Cross border insolvency – a much-awaited measure to complete the code to be introduced
• Rs 48, 000 crore is allotted for PM Awas Yojana
• Paperless End to End Billing System to be introduced in Govt Departments for Procurement
• Budget 2022 Proposes to accelerate voluntary winding up of companies
• Battery Swapping facility to be introduced in urban areas. This will pave the way to EV Ecosystem.
• 100% of all POST offices to come within the core banking services between post office accounts and bank accounts. This will enable inter-operability and financial inclusion
• E-Passports to be launched in year 22-23 to enhance the convenience for the citizens in their overseas travel.
• With 1486 union laws repealed, Ease of Doing Business 2.0 will be launched. We will follow the idea of trust based government: FM
• The coverage of Har Ghar Nal se Jal is 8.7 crores out of which 5.5 crore households were provided with tap water in the last 2 years itself: FM
• 80 lakh houses will be completed In 2022-23 for identified beneficiaries of PM Awas Yojana: FM
• To improve quality of life, Aspirational Districts have translated into success. 95% of 102 districts have made significant progress in key sectors: FM
• 60,000 houses will be identified as beneficiaries for PM Awas Yojana in rural & urban areas: FM
• An open platform for the national digital health ecosystem will be rolled out
• Rs. 2.37 lakh crore worth of MSP direct payments to wheat and paddy farmers will be Given
• Benefits Given to India’s farmers by FM
  • Use of Kisan drones will be promoted for crop assessment
  • Chemical-free natural farming to be promoted in India
  • Digitization of land records, spraying of insect pesticides
  • Rs 2.37 lakh crore worth of MSP direct payments to wheat and paddy farmers will be Given
• FM Extends ECLGS upto March 2023, guaranteed cover extended by another Rs 50,000 crore. Guarantee cover to be enhanced to Rs 5 lakh cr to help MSMEs mitigate #pandemic impact.
• National Skill Program to be aligned with Industry needs
• FM mentioned how to boost Railways under the Gati Shakti plan
  • 400 new-generation Vande Bharat trains will be developed and manufactured in next 3 years.
  • One station, one product’ concept will be popularised to help local businesses.
  • 100 new cargo terminals to be developed over the next 3 years, as per PM’s #GatiShakti plan
• Budget to pave way for implementation of reducing dependence on oil seed imports
• PLI schemes in 14 sectors with potential to create 60 lakh new jobs, and additional new production of Rs 30 lakh crore
• Public Issue of LIC Soon
• Focus areas of this Budget
  • PM Gati Shakti
  • Energy Transition
  • Inclusive Development
  • Productivity Enhancement
  • Sunrise Opportunities
  • Climate Action
  • Financing of investments
• Strategic transfer of ownership of Air India has been completed Says FM
• India’s growth estimated to be at 9.2%, highest among all large economies; we are now in a strong position to withstand challenges: FM
• FM begins her budget speech by expressing empathy to those who suffered during the pandemic
• Budget Speech Starts

• FM reached Parliament with Budget Tab

The Union Finance Budget 2022 will be presented on 1st February 2021 at 11:00 AM in the Lok Sabha. Now, this is the second time after Union Budget 2021, when the Budget will be presented and read by our Finance Minister in Paperless Form. Here is the process of Downloading the Budget Document and Budget Memorandum.

Where to Watch Union Budget 2022?

The Union Budget 2022 will be broadcast live on DD News and Sansad TV, as well as the Government’s social media sites including YouTube and Twitter.

Union Budget 2022: YouTube Link

You May Also Refer: Budget 2022: How to Download Budget Memorandum? Step-by-Step Process of iOS and Android Devices