These 40 points will tell you everything about Budget 2022

Finance Minister Nirmala Sitharaman presented the Union Budget 2022-23 in Parliament. This Budget hopes to lay the foundation for 'Amrit Kal' from India at 75 to India at 100, the Finance Minister said. For the Financial year 2022-2023, the government has announced five big infrastructure projects.

The proposal includes expanding highways in the country by 25,000 kilometres and allocating Rs 60,000 crore to the Nal se Jal scheme, five river link projects across various states, an additional Rs 48,000 crore in the PM housing scheme and boosting infrastructure development in the North East. 

Major announcements also include spectrum auction which will be held in 2022 for rolling out of 5G mobile services within 2022-23 by private firms. Setting up 75 digital banking units in 75 districts is also a major takeaway from the Union Budget 2022. 

Key points at a glance

1. India's growth estimated to be at 9.2%, the highest among all large economies, Finance Minister said.

2. Income Tax returns can now be revised for omission and mistakes including declared income not reported.

3. The changes can be made through a one-time window till two years from the end of the assessment year on payment of tax.

4. Surcharge on transfer of any long-term capital gains has been capped at 15%.

5. Minimum Alternate Tax rate for cooperatives at 18.5% has been reduced to bring it with parity of the rate for corporates.

6. Surcharge for cooperatives has been reduced to 7% from 12% for total income ranging between Rs 1-10 crores.

7. The Budget has also extended the timelines for benefits under the new corporate tax regime till March 31, 2024.

8. The government had announced a 15% corporate tax rate for newly incorporated manufacturing companies till March 31, 2023.

9. The period of incorporation for startups to avail tax benefits has also been extended by a year to March 31, 2023.

10. Reduction of surcharge on unlisted shares from 28.5% to 23%. This move will ease exits from startups and Unicorns.

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11. 1% TDS to be charged further on payments made using digital assets to keep a track on transactions.

12. Tax on gains from investments in cryptocurrencies will be levied at 30%. However, losses will not be allowed to be set off. 

13. Centre and states government employees' tax deduction limit should be increased from 10% to 14%, Finance Minister said.

14. This will help the social security benefits of state government employees and bring them at par with the Central government employees.

15. Life Insurance Corporation of India (LIC) IPO is in the works and will go public soon with more divestments to take place in 2022-33. 

16. E-Passports with electronic chip to be launched by 2022-23. It will have important security-related data encoded on it.

17. India will manufacture 400 new, energy-efficient Vande Bharat trains in the next three years, Nirmala Sitharaman said.

18. The rail sector will also develop 'One Station One Product', which will leverage local produce carried on the railways.

19. An independent system operator in the natural gas transmission sector will be set up for booking and coordination.

20. Ujjwala scheme aimed at providing clean cooking fuel to poor households through LPG would be extended to further one crore households.

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21. For Women’s empowerment, Mission Shakti, Saksham Anganwadis including upgradation of two lakh anganwadis.

22. Budget has proposed to introduce Digital Rupee using blockchain and other tech to be issued by RBI starting 2022-23. 

23. The Union Budget has raised its allocation for capital expenditure to Rs 7.5 lakh crore in 2022-23, up from Rs 5.5 lakh crore in 2021-22. 

24. Data centres and energy storage systems to be included in harmonised list of infrastructure sectors. This will include dense charging infra and grid scale systems. 

25. Allocation of additional Rs 19,500 crore for PLI for manufacturing high-efficiency solar modules with priority on fully integrating manufacturing of various components. 

26. 30% tax on digital asset transfer. Gifts of digital assets to be taxed as well. This includes any income from sale or acquisition of virtual and digital assets.

27. One class-one TV channel for supplementary education for Classes 1-12 to be launched under PM Vidya Yojana via Internet, TV, Mobile and Radio.

28. Parvat Mala under public-private partnership (PPP) and National ropeways development to promote tourism and logistics.

29. Chemical free-natural farming, branding of millet products nationally and internationally, use of Kisan drones for crop assessments.

30. Finance startups for agriculture, Ken-Betwa river-interlinking and five more river-interlinking projects.

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31. Open platform for health facilities, National Tele-Mental health program to be launched with NIMHANS as nodal centre and tech support from IIIT Hyderabad.

32. PM Deveopment Initiative for the North-East, with Rs 1500 cr for enabling livelihood activities for youth and women.

33. Border villages with less population to be covered under Vibrant Villages programme.

34. 100% Post offices to come under Core Banking systems, post offices and bank accounts to be linked to aid financial inclusion in rural areas.

35. High-level committee formed to recommend on urban planning with 2047 in mind. Electric vehicles' infra to be upgraded. 

36. Government to reduce defence imports with 68% procurement budget marked for internal market, up 10% from last year.

37. Animation, Visual Effects, Gaming and Comics (AVGC) sector task-force to be formed.

38. Duty on shrimp reduced to increase exports. Custom duty on cut diamonds cut down to 5%.

39. Minority Affairs Ministry allocated Rs 5020.50 crore in the 2022-23 Union Budget which is Rs 674.05 crore more than the revised figures of the previous fiscal.

40. Import duty on cut and polished diamonds and gemstones reduced to 5% from 7.5%.

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