Union Budget 2022-23

 

As per presented by Finance Minister,Government of India Smt Nirmala Sitharaman in Parliament House at New Delhi on 01.02.2022 (Tuesday)

Please note that the highlights of the Union Budget FY 2022-23 as per given below:-

Ø  No change in personal income tax rates

Ø  Provision to file an updated return on payment of additional tax; can be filed within two years from the end of the relevant assessment year

Ø  Updated return provision to enable assessee to declare income missed out earlier

Ø  Tax deduction limit increased from 10% to 14% on employer's contribution to the NPS account of state government employees

Ø  Incentives for start-ups: Period of incorporation extended by 1 year, up to March 31, 2023 for eligible start-ups to avail tax benefit

Ø  Any income from transfer of any virtual digital asset to be taxed at the rate of 30 pc; gift of virtual digital asset also to be taxed in the hands of recipient

Ø  Health and education cess: any surcharge or cess on income, profits not allowable as business expenditure

Ø  No setoff of any loss to be allowed against undisclosed income detected during search, survey operations

Ø  Alternate minimum tax paid by cooperatives brought down from 18.5 per cent to 15 per cent

Ø  Payment of annuity and lump sum amount from insurance scheme to be allowed to differently-abled dependent during the lifetime of parents/guardians, that is on parents/ guardian attaining the age of 60 years

Ø  Surcharge on long term capital gains arising on transfer of any type of assets capped at 15 pc

Ø  Gradual phasing out of concessional rates in capital goods and project imports; applying a tariff of 7.5 pc, conducive to the growth of domestic sector

Ø  Over 350 exemption entries proposed to be gradually phased out, like exemption on certain agri produce, chemicals, fabrics, medical devices, and drugs and medicines for which sufficient domestic capacity exists

Ø  Customs rate, tariff structure simplified particularly for sectors like chemicals, textiles and metals

Ø  Customs duty rates to be calibrated for graded rate structure; to facilitate domestic manufacturing of wearable devices, hearable devices and electronic smart meters

Ø  Duty concessions to parts of transformer of mobile phone chargers, camera lens of mobile camera module and some other items to promote domestic manufacturing of high growth electronic items

Ø  Customs duty on cut, polished diamonds, gemstones cut to 5%; no duty on simply sawn diamond

Ø  Customs duty of at least Rs 400 per kg to be paid on imitation jewellery import

Ø  Customs duty on umbrellas raised to 20%; exemption to parts of umbrellas withdrawn

Ø  Customs duty exemption given to steel scrap last year extended for another year to offer relief to MSME secondary steel producers

Ø  Unblended fuel to attract an additional differential excise duty of Rs 2/ litre from Oct 1, 2022, to encourage blending of fuel.