Union Budget 2022

Last updated on December 22nd, 2022 at 03:26 am

Union finance minister Nirmala Sitharaman presented the Union Budget 2022. She said that the country is expected to grow at 9.27 %. In this article CA Asif Ali has given the entire budget in a very simple format.

No change in Income Tax Rate and 80C deduction – It is same as earlier

E-Passport with Digital Chips will be introduced

1.5 lacs Post office to be merged with banking

75 Digital banking will be opened in 75 District

48000 Cr allotted for Housing Scheme

Promotion of Electronic Vehicle through Battery Swapping

Land Registration getting Nationalized & Digitized One Nation One Registration – National Generic Document Registration system – Uniform process of Registration. Language will be selected for Translation of Land Record

19500 Cr PLI for Solar

Digital Currency using Block Chain will be issued by RBI

File Updated Income tax Return on payment of Additional Tax (to correct error) within 2 years of Relevant AY years

Cooperative rate of taxes to reduce to 15% and Surcharge reduced to 7%

State Govt Employee – Tax reduction limit 12% contribution to NPF

Eligible Start up tax incentive scheme extended to 31st March 2023

Existing 115BAB – 15% Concessional tax rate newly incorporated Manufacturing Company to start production extended to 31.3.2024

Capital Gain from Virtual Digital assets taxed at 30% in the hand of recipient- Capital Loss will not be adjusted- TDS @ 1% of such transfer

Digital Assets transfer will be taxed @ 30% , Example of Digital assets are Crypto Currencies, Websites, Apps, Logos, YouTube Account, Instagram account, Documents, Audios, Codes Python, etc

Union Budget 2022 Update by CA Asif Ali

Summarize of the Budget 2022

Health and Education Cess is not an Business expenditure. No Cess and Surcharge on Income Tax and Profit will not be allowed as an Expense

No set off on any loss against undisclosed income detected in Search and Seizure

TDS on benefit given to Agent if income exceeds 20000/-

Jewellery Custom duty on cut and polish diamond reduced to 5%, Increase Import duty of Imitation Jewellery to 400 per kg.

Custom duty exemption to Steel scraps extended

Anti-Dumping duty and CVD is revoked to Stainless steel, coated steel, High Speed Steel, Bars and Alloys, etc – Metal cost reduced

Incentivise Export– Exemption provided to trimming, fastener, button, zipper, lining material;, specified leather, furniture fittings packaging box, to bonafide exporter of handicraft, textile, leather garments, leather footwear and other goods.

Encourage Blending of Fuel, Hence, Addl excise duty to be charged on Unblended of Fuel from 1st October 2022. Unblended Fuel rate will be increased