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Union Budget 2022: Key highlights

Finance Minister Nirmala Sitharaman presenting Budget 2022 in Parliament.

Nirmala Sitharaman, the finance minister, opened her Budget statement by expressing sympathy for people who were affected by the COVID-19 outbreak. India’s growth is estimated, according to the finance minister.

The Union Budget is India’s yearly financial report. It shows the revenue and spending of the Indian government at the conclusion of a fiscal year, which runs from April 1 to March 31.

Here are the Key Highlights:

  • National Tele Mental Health Programme to provide psychological counselling and care to people for which demand has increased during the ongoing COVID-19 pandemic.
  • 60 lakh new jobs under make in India
  • Focus on natural farming – zero budget farming
  • Rs.2.7 lakh Cr allocation to farmers under MSP in 2023 more 25,000 km national Highway added
  • In the next three year 400 new Vande Bharat train to be added
  • Built 75 new digital banking unit
  • Increase of EV battery production and development will give special privilege to private sector
  • To sanction 48,000 crore to boost urban housing allocation
  • 20,000 crore for national highway expansion, allocate
  • Make digital Universities
  • Upgrade 2 lakh to Anganwadi
  • For rural economy boost, will focus on start-ups specially Agriculture and IT allocation Rs.44,000 crore on Ken Betwa project
  • 64,000 crore on ‘NAL SE JAL’ scheme
  • 5 G Services to be rolled out in 2022-23 by Private Telecom Operators.
  • One Nation One Registration to be promoted. Anywhere registration of deeds and amendments to be facilitated.
  • Special Economic Zones Act will be replaced by a new legislation where States will become partners.
  • E Passports – using embedded chips will be rolled out in 2022-23
  • 100 per cent of all POST offices to come within the core banking services between post office accounts and bank accounts.

Direct Tax

  • Provision for filing ‘Updated Income Tax returns’ within 2 years from end of relevant AY
  • Reduced AMT rates for Co-operatives from 18.5 per cent to 15 per cent
  • Reduced surcharge for Co-operatives with total income of 1cr to 10Cr
  • Tax relief for persons with disability: Allow annuity payment to differently abled dependents when parents attaining age of 60 years
  • Deduction for National Pension Scheme for State Government employees u.s 80CCC made at par with Central Govt.
  • Start-ups established before 31.03.2023 (earlier – 31.03.2022; now extended by 1 year) will be provided tax breaks
  • Last date for commencement of manufacturing for claiming lower tax regime under Section 115BAB to be 31.03.2024 (earlier 31.03.2023; now extended by 1 year)
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