Highlights of Union Budget 2022-23.
- Paperless Budget. Presented on Tab by the FM
- Economic Growth to be 9.2% for FY 2022-23
- Railways to develop projects for MSME small businesses
- ECLGS Scheme extended till March 2023
- E-Passports will be rolled out in FY 2022-23
- Battery swapping policy will be implemented
- SEZ will be replaced with new legislation
- RBI to issue digital Rupee in FY 2022-23
Direct and Indirect tax
- New updated Tax Return Forms
- Updated ITR can be filed within 2 years from the end of relevant AY.
- Reduce AMT for Cooperative Society from 18.5% to 15% & Surcharge reduced from 12% to 7%.
- Tax relief for person with disability.
- Tax deduction limit to NPS Account by state government employees raised to 14% from 10% in line with Central Government employees.
- Gain on Virtual Digital Asset (VDA) taxed @ 30%. No deduction allowed and no set off allowed.
- TDS @ 1% on transfer of VDA.
- Surcharge on LTCG capped at 15%.
- No set off of loss with the income arises during search operations.
- Date of tax incentive for startup extended to March 2023.
- Custom Duty on umbrellas 20%