Highlights of Union Budget 2022-23.General

Highlights of Union Budget 2022-23.

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