Live Updates - Union Budget 2022 Discussion Thread
Parliament’s Budget Session to start from 31 January 2022
To keep things consolidated we will have all budget 2021 related discussions in this thread.
Do share your expectations from the budget
Deal Wiki
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Last updated by: Floriya
Watch Union Budget 2022
Tax incentives for startups increased by 1 year. (up to 31/3/2023)
Tax deduction to both state and central governemt on NPS should be same NPS deduction threshold limit increased from 10% to 14% for state government employees
Tax relief for differently abled persons (parent or guardian) - payment of Annuity or Lumpsum during the lifetime of parent or guardian, once parent or guardian has attained 60 years of age.
Reduced rates and surcharge for co-operatives to 15% and 7% (more than Rs.1 crore income up to Rs.10 crores) respectively
Some tax payers may realise some mistakes – to provide opportunity to correct - A new provision – File an updated return on payment of additional tax within 2 years from the end of the assessment year.
FM starts by quoting from the Mahabharata - Shanti Parvata Adhyaya
12:07 - FM presents Part-B of her speech for Direct Taxes
12:05 -
Budget estimate for total expenditure is revised at Rs.39.45 lakh crore.
Total receipts estimated at Rs. 22.84 lakh crore
Revised Fiscal Deficit in Current Year estimated at 6.9 % of GDP
12:03 - In 22-23, allocation of Rs.1 lakh crore to assist investment in states as a 50-year interest-free loan, over and above normal borrowings for the states
Introduction of a central bank Digital currency to boost the digital economy.
For climate action, deep tech, pharma and agri tech- Government to promote thematic funds.
Outlay for capital expenditure to be stepped up sharply by 35.4% from Rs 4.54 lakh crore to Rs 7.50 lakh crore in 2022-23
11:58 - International Arbitration Centre to be set up in GIFT city for timely dispute settlement.
11:56 - Green bonds to be issued as part of the government’s market borrowings.
11:50 Solar power – Additional allocation of 19,500 crores under PLI for manufacturing high-efficiency modules.
Atmanibharta in defence -
68% of capital procurement budget to be earmarked for the domestic industry in 2022-23 up from 58% in 2021-22
Bharat Net Project to be launched and completed by 2025 for optical fibre promotion. Contract for laying optical fibre in all villages to be awarded under this project.
5G production linked scheme to be launched
₹1,400 cr to be allocated for 123 MW Hydro & 27 MW Solar projects in fy2023
11:43 - A paperless end to end online e-bill system for all central ministries for their procurements, enabling suppliers and contractors to submit digitally signed bills
11:40 – for EV battery swapping and interoperability processes will be formulated
Orderly development of Urban areas, require to reimagine cities for sustainable living ,plan to steer a paradigm change , high level committtee on urban sector planning and governening.
Support to provided to states -
Green tech and governance solutions for zero fossil fuel policies and e-vehicles.
‘One class, one TV channel’ program of PM eVIDYA will be expanded from 12 to 200 TV channels. This will enable all states to provide supplementary education in regional languages for classes 1 to 12
11:36 : A single window portal for all green clearances launched in 2018- Scope of portal to be expanded for applicants, information about specific approvals to be provided- Four approvals in a single form – Green CPC
11:33 - 75 digital banking units in 75 districts of the country by Scheduled commercial banks
Border villages – with sarse population – to be covered under vibrant villages program
60,000 crore allocated for providing access to tap water to 3.8 crore households
For new manufacturing companies – the benefit of reduced tax rate under Section 115BAB extended by another year upto 2024.