Budget 2022: Highlights

Table of Contents

Union Finance Minister Nirmala Sitharaman delivered her fourth Budget speech on February 1st, expressing sympathy for those affected by the COVID-19 pandemic. There was a slew of policies aimed at stimulating GDP in the face of high and growing inflation, as well as continued COVID uncertainty. In a year marked by calls from numerous sources for some type of relief in the event of a pandemic, however, there were astonishingly few changes to the personal income tax structure.ย 

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Some of the major highlights from Budget 2022 are:

  • The RBI will begin issuing digital rupees in 2022-23, utilising blockchain and other technologies.ย 
  • The government will give taxpayers a one-time opportunity to correct errors in previously filed ITRs, with amended returns due within two years.
  • Bigger allocation for Indian industry in defence modernisation funds, military R&D funds opened for private firms.

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budget 2022
  • The proceeds of digital asset transfers would be taxed at a rate of 30% by the government.
  • 75 Digital Banking units to be set up in 75 districts by scheduled commercial banks.
  • Customs duty on cut and polished diamonds, gems to be reduced to 5 pc.
  • Any income tax or surcharge that is not recognised as a business expense TDS of 1% on virtual asset transfers above a certain threshold; gifts will be taxed
  • Long-term capital gains are taxed at a 15% surcharge.
  • The tax deduction limit for employersโ€™ contributions to NPS accounts for state government employees has been raised to 14 per cent.
  • The Basic Optional Tax for Cooperative Societies will be reduced to 15%.
  • The proposal reduces the levy on cooperative societies to 7% for people with incomes ranging from one to ten crore rupees.
  • ECLGS has been extended until March 2023, with 60 lakh new jobs expected over the next five years.
  • Efforts by the federal and state governments result in job creation and entrepreneurship opportunities.
  • A digital ecosystem for crafting and earning a living will be created.
  • This will aim to educate, reskill, and reskill citizens via online learning.
  • API-based talent credentials, pay layers for finding relevant jobs, and opportunities.
  • The AICTE will lead the way in developing urban planning programs.
  • Plans to establish a digital university.
  • The administration intends to increase PM eVIDYA 12โ€™s โ€œOne class, one TV channelโ€ scheme to 200 Television channels.
  • ITIs will begin repositioning skilling classes.
  • In 2022, a telecom spectrum auction will be held in preparation for 5G deployment.
  • As part of the PLI project, a design-led production scheme for the 5G ecosystem will be developed to enable low-cost internet and mobile connectivity in rural and remote areas.
  • R&D and technological advancement will receive 5% of the USO Fund.
  • Contracts for laying optical fibre in towns will be awarded as part of the BharatNet PPP project in 2022-23.ย 
  • An open infrastructure for a nationwide digital health ecosystem will be launched.
  • It will include computerised health care provider and institution registers, a unique health identity, and universal access to health care services.
  • In health, infrastructure, and education, 95 per cent of the 112 aspirational regions have made significant progress.
  • A National Telemental Health Plan will be developed to help people with mental illnesses.
  • During the next three years, 400 brand-new Vande Bharat trains will be manufactured.
  • KAWACH indigenous technology will be used to improve the safety and capacity of 2,000 kilometres of the rail network.

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