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Union Budget 2022: No change in Income Tax bracket, 30% tax on virtual currency, sops for MSMEs announced
This is Sitharaman's fourth straight Union Budget when she presents financial statements and tax proposals for fiscal year 2022-23 (April 2022 to March 2023).
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New Delhi: Finance Minister Nirmala Sitharaman presented her fourth straight Union Budget in the Parliament on Tuesday. Contrary to widespread expectations that the FM will make announcement on income tax bracket, she had nothing on the lines in her kitty.
The FM has however announced some sops on NPS, filing of revised ITR window, start ups, extended ECLGS scheme to mention a few.
The Budget Session of the parliament commenced from January 31 with President Ram Nath Kovind`s address. The first part of the Budget Session of Parliament will be held from January 31 to February 11 and the second part will take place from March 14 to April 8.
Here are the Live Updates on the Union Budget 2022.
Sensex soared 848 points while the Nifty reclaimed the 17,500-mark on Tuesday after Finance Minister Nirmala Sitharaman unveiled a bigger Rs 39.45 lakh crore Budget, with higher spending on infrastructure to spur economic recovery and create jobs. Metal, realty and cement stocks saw robust buying, while selling in auto and telecom counters capped the gains.
After 2018, information is being shared on black money by foreign countries. On bases of this info, we're working account by account for black money to be brought. NPAs in banks are coming down, banks getting the money back of those who've fled country: FM
Pandemic snatched away so many jobs across the world. Our Atmanirbhar Bharat Package saved the jobs of a lot of people. We are trying to help those who lost their jobs, through various schemes. I am denying but it is not fair to say that we didn't do anything: FM
We're taking several steps to tackle these (unemployment & inflation) issues. Our govt didn't allow inflation to go double-digit. Yes, it breached the 6% limit for a month but never crossed it. However, before 2014 it was always in the range of 10,11,12,13: FM
We are also tracking every trail of money in that (transaction of crypto assets) by imposing 1% TDS at every transaction: FM Nirmala Sitharaman
FM Nirmala Sitharaman on proposed Digital Rupee & cryptocurrencies: What RBI will issue is a digital currency. Everything that prevails outside of it is assets being created by individuals & we are taxing profits made out of transactions of those assets, at 30 percent.
Hospital sector hit badly due to Covid. Given incentive in 14 sectors to increase jobs
I have not hiked taxed. We followed PM Modi's vision that the people should not be burdened with the impact of taxation. They are already facing hardships due to the Covid-19 pandemic
PM Narendra Modi lauds the Budget, says it is for the Gareeb Ka Kalyaan
Speaking on #AatmanirbharBharatKaBudget 2022. https://t.co/vqr6tNskoD
— Narendra Modi (@narendramodi) February 1, 2022
PM Modi congratulates FM Nirmala Sitharaman for a people-friendly Budget
Union Finance Minister Nirmala Sitharaman tables the Union Budget 2022 and Fiscal Policy Statement 2022-23 in Rajya Sabha. House adjourned till tomorrow, 2nd February.
Sensex surges 879.62 points, currently at 58,893.79. Nifty rises 234.70 points, currently at 17,574.55
Union Finance Minister Nirmala Sitharaman introduces Finance Bill 2022.
FM ends Budget speech. Lok Sabha adjourned till tomorrow, 2nd February.
Customs duty on cut-diamonds has been reduced to 5%. Custom Duties on important chemicals like acidic acid & methanol reduced.
GST payed a remarkable reform in India's GDP. GST revenues are buoyant despite the pandemic, gross GST collection for month of January are over Rs. 1.4 lakh crore. The highest since the inception of GST. Taxpayers deserve applause who have diligently contributed to fulfilling their responsibilities in improved tax & GST, says FM
Virtual digital assets to be taxed at 30% and 1 % TDS on transfer of virtual digital assets
Tax deduction limit to be reduced for central government employees from 18% to 15% in their contribution to NPAs
Existing tax benefits for Startups which were offered redemption of taxes for 3 consecutive years to be extended by 1 more year: FM
Reduce of surcharge of cooperative societies from 12% to 7% for those having income below 1 crore
FM Nirmala Sitharaman has not announced any change in the Income Tax Bracket for tax paying individuals.
Co-operative surcharge to be reduced from 12% to 7%: FM Nirmala Sitharaman
The parent or guardian of a differently abled person can take an insurance scheme for such person. The present law provides for deduction to the parent or guardian only if the lump sum payment or annuity is available to the differently abled person on the death of the subscriber i.e. parent or guardian.
I propose to provide that any income from transfer of any virtual digital asset shall be taxed at the rate of 30%. No deduction in respect of any expenditure or allowance shall be allowed while computing such income, except cost of acquisition: FM Nirmala Sitharaman
Both Centre and States govt employees' tax deduction limit to be increased from 10% to 14% to help the social security benefits of state govt employees and bring them at par with the Central govt employees: FM Nirmala Sitharaman
Both Centre and States govt employees' tax deduction limit to be increased from 10% to 14% to help the social security benefits of state govt employees and bring them at par with the Central govt employees: FM Nirmala Sitharaman
FM Nirmala Sitharaman announces to provide an opportunity to correct an error, taxpayers can now file an updated return within 2 years from the relevant assessment year
FY23 fiscal deficit pegged at 6.4% Of GDP. FY22 fiscal deficit pegged at 6.9% of GDP
For 2022-23,allocation is Rs 1 lakh cr to assist the states in catalyzing overall investments in economy. These 50-yr interest-free loans are over&above normal borrowings allowed to states. It'll be used for PM Gati Shakti-related&other productive capital investments of states:FM
Digital rupee to be issued using blockchain and other technologies; to be issued by RBI starting 2022-23. This will give a big boost to the economy: FM Nirmala Sitharaman
Digital rupee to be issued using blockchain and other technologies; to be issued by RBI starting 2022-23. This will give a big boost to the economy: FM Nirmala Sitharaman
Sovereign Green Bonds to be issued in public sector projects to reduce carbon footprint initiatives in the economy : FM
Effective Capital Expenditure of the Central Govt is estimated at Rs 10.68 lakh crores in 2022-23, about 4.1% of GDP: FM Nirmala Sitharaman
To facilitate domestic manufacturing for ambitious goal of 280 GW of installed solar capacity by 2030, addl allocation of Rs 19,500 cr for PLI for manufacturing of high-efficiency modules with priority to fully integrate manufacturing units to solar PV modules will be made: FM
National Skill Qualification Framework to be aligned with dynamic industry needs Digital Ecosystem for Skilling & Livelihood e-portal to be launched, to enable citizens to skill, reskill, upskill Will enable discovery of relevant jobs, entrepreneurial opportunities
Credit Guarantee Trust for Micro and Small Enterprises (CGTMSE) to be revamped with required fund infusion Will facilitate additional credit of Rs. 2 lakh crore for Micro and Small Enterprises and expand job opportunities. Emergency Credit Line Guarantee, which has provided additional credit to MSMEs, extended till March 2023 Guarantee cover to be expanded by Rs. 50,000 Cr. to a total cover of Rs. 5 lakh crores Additional amount earmarked exclusively for hospitality, related sectors
Implementation of Ken Betwa Linking project at est. cost of Rs. 44,605 Cr. to be taken up with irrigation benefits to 9.0 lakh hectare farmland, drinking water to 62 lakh people, 103 MW hydropower. 27 MW solar power generation Rs 1400 crores allocated in 2022-23: FM
Special Economic Zones Act will be replaced with new legislation...for the development of enterprise and hubs. It will cover the existing industrial enclaves and enhance the competitiveness of exports: FM
To reduce the delay in payment, an online bill system to be launched which will be used by all Central ministries
68% of the capital procurement budget for Defence to be earmarked for domestic industry to promote Aatmanirbharta and reduce dependence on imports of defence equipment. This is up from the 58% last fiscal: FM Nirmala Sitharaman
Housing projects allotted Rs 48,000 cr for FY23 under PM Housing scheme. Rs 60,000 crore allocated to cover 3.8 crore households for tapwater: FM
To promote a shift to the use of public transport in urban areas, special mobility zones with zero fossil fuel policy to be introduced...Considering space constraints in urban areas, a 'Battery Swapping Policy' will be brought in: FM FM Nirmala Sitharaman
Use of Kisan Drones to be promoted for crop assessment, digitization of land records, spraying of insecticides and nutrients: FM Nirmala Sitharaman
Private sector will be encouraged to create sustainable and innovative business models for battery and energy as a service, improving the efficiency in the EV ecosystem: FM
Fund to be facilitated through NABARD to finance startups for agriculture and rural enterprise, relevant for farm produce value chain. Startups will support FPOs and provide tech to farmers: FM Nirmala Sitharaman
The pandemic has accentuated mental health problems in people of all ages. To better the access to quality mental health counseling and care services, a National Tele Mental Health program will be launched: FM Nirmala Sitharaman
Issuance of E-passports will be rolled out in 2022-23 to enhance convenience for citizens: Finance Minister Nirmala Sitharaman
Government will pay Rs 2.37 lakh crore towards procurement of wheat and paddy under MSP operations. The fiscal 2022-23 has been announced as International Year of Millets
An open platform for the National Digital Health Ecosystem will be rolled out. It will consist of digital registries of health providers and health facilities, unique health identity and universal access to health facilities: FM
PM development initiatives for North East will be implemented for the North Eastern Council... This will enable livelihood activities for youth and women. This scheme is not a substitute for the existing Centre or State schemes: FM Nirmala Sitharaman
Rationalized and comprehensive scheme to increase domestic production of oil seeds to be implemented, to reduce dependence on import of oil seeds
In 2022, 100% of 1.5 lakh post offices will come on core banking system to facilitate financial inclusion
With 1486 union laws repealed, Ease of Doing Business 2.0 will be launched. We will follow the idea of trust based government. With the aim to take Digital Banking to every citizen. 75 digital banking units in 75 districts of the country will be launched: FM
60,000 houses will be identified as beneficiaries for PM Awas Yojana in rural & urban areas: FM
Emergency Credit Line Guarantee Scheme extended till March 2023
Data exchange among all-mode operators to be brought on Unified #Logistics Interface Platform, designed for API will enable the following:
- Efficient movement of goods
- Reduce logistics costs and time
- Assist Just In Time inventory management
- Eliminate tedious documentation
400 new generation Vande Bharat trains with better efficiency to be brought in during the next 3 years; 100 PM Gati Shakti Cargo terminals to be developed during next 3 years and implementation of innovative ways for building metro systems: FM
Procurement of wheat in Rabi season 2021-22 and the estimated procurement of paddy in Kharif season 2021-22 will give cover 1208 lakh metric tonnes of wheat & paddy from 163 lakh farmers& Rs 2.37 lakh crores will be the direct payment of MSP value to their accounts: FM Sitharaman
Chemical-free natural farming will be promoted throughout the country with a focus on farmers' land in 5 km wide corridors along the river Ganga, in the first stage: FM Nirmala Sitharaman
MSMEs such as Udyam,e-shram, NCS & Aseem portals will be interlinked,their scope will be widened... They will now perform as portals with live organic databases providing G-C, B-C & B-B services such as credit facilitation,enhancing entrepreneurial opportunities: FM
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: FM Nirmala Sitharaman
India's growth is estimated to be at 9.2%, highest among all large economies
Contracts for multi modal logistics parks at 4 locations through PPP model to be awarded in 2022 - 23
PM GatiShakti Master Plan for Expressways to be formulated in 2022-23, to facilitate faster movement of people and goods NH network to be expanded by 25,000 km in 2022-23. Rs 20,000 crore to be mobilized to complement public resources
National Bank for Infrastructure Development, National Asset Reconstruction Company have commenced activities. Budget 2021 had provided sharp increase in provision for public investment. Economic Recovery is continuing to benefit from the multiplier effect of investment: FM Sitharaman
Budget 2022 lays parallel track of futuristic and inclusive blueprint for Amrit Kaal Big public investment for modern infra readying for India at 100, guided by PM Gati Shakti: FM Sitharaman
Towards implementing new Public Sector Enterprise (PSE) Policy, strategic transfer of Air India in has been completed. Strategic Partner for Neelanchal Ispat Nigam has been selected, public issue of LIC expected shortly, others in process for 2022-23: FM Sitharaman
Production Linked Incentive (PLI) Scheme for achieving AatmaNirbhar Bharat has received excellent response, with potential to create 60 lakh new jobs and additional production of 30 lakh crore during next 5 years: FM Sitharaman
PM GatiShakti will encompass the 7 engines for multi-modal connectivity for the states with speedier implementation of development projects through technology to facilitate faster movement of people & goods through ₹20,000 crore financed by the govt to speed up this project: FM
Strengthening of health infra, speedy Vaccination programme implementation and nationwide resilient response to current wave of COVID19 Pandemic are evident to all, says FM
We aim to achieve this through, Macroeconomic growth focus + microeconomic welfare focus Promoting Digital economy, FinTech, Tech enabled devt., EnergyTransition, ClimateAction Virtual cycle starting with public investment, crowding in private investment, says FM
This Union Budget seeks to lay foundation & give blueprint of economy over ‘Amrit Kal’ of next 25 years - from India at 75 to India at 100: FM
There was a sharp increase in public investment & capital expenditure in Budget 2021-22...This Budget (2022-23) will benefit, youth, women, farmers, SC, ST... ; shall be guided by PM Gati Shakti master plan: FM
We are in the midst of the Omicron wave, the speed of our vaccination campaign has helped greatly. I am confident that ‘Sabka Prayaas’, we'll continue with strong growth, says FM
FM Nirmala Sitharaman begins her Budget speech
Instead, the Budget copies will be disseminated electronically, with documents being uploaded on the government website as well as being made available on a special app developed for the same.
While traditionally, copies of the Budget are brought to the Parliament complex before the finance minister arrives, this year no document has been printed following the COVID-19 protocol.
Cabinet approves the Budget 2022; the meeting underway at the Parliament has now concluded. Union Finance Minister Nirmala Sitharaman will present the Budget shortly.
Prime Minister Narendra Modi arrives for the union cabinet meeting. Defence Minister Rajnath Singh, Union Home Minister Amit Shah, Railways, Communications and IT Minister Ashwini Vaishnaw, Parliamentary Affairs Minister Pralhad Joshi, and others arrive at the Parliament for the union cabinet meeting ahead of the presenting of the
Budget Mobile app (English & Hindi) available on both Android and iOS platforms can also be downloaded from http://indiabudget.gov.in Budget documents to be available for general public on Union Budget Web Portal (http://indiabudget.gov.in)
Union Finance Minister Nirmala Sitharaman arrives at the Parliament. She will present the Union Budget shortly
Union Finance Minister Nirmala Sitharaman along with Ministers of State for Finance, Dr Bhagwat Kishanrao Karad, Shri Pankaj Chaudhary, and senior officials of the Ministry of Finance, called on President Ram Nath Kovind before presenting the Union Budget 2022-23.
Sensex jumps 603.39 points to 58,617.56 points in opening trade ahead of Budget presentation; Nifty rises 159.25 points to 17,499.10 points.
The first part of the Budget Session of Parliament will be held from January 31 to February 11 and the second part will take place from March 14 to April 8.
The Budget Session of the parliament commenced from January 31 with President Ram Nath Kovind`s address.
The Budget presentation will begin with a speech of the Finance Minister from around 11 am.
Union Finance Minister Nirmala Sitharaman leaves from the Ministry of Finance. She will present and read out the Budget 2022 at the Parliament through a tab, instead of the traditional 'bahi khata'.
Union Finance Minister Nirmala Sitharaman arrives at the Ministry of Finance. She will present the Budget 2022 in Parliament shortly.
MoS Finance Pankaj Chaudhary and Bhagwat Karad arrive at the Ministry of Finance.
The live streaming of the Budget 2022 presentation will begin at 11 am on Tuesday, February 1. Viewers will have a slew of options to choose from to stream the Budget 2022 presentation live.
In its pre-Budget memorandum, the ICAI has made various suggestions under section 80C –one of which pertains to Public Provident Fund.
The Institute of Chartered Accountants of India has written to the Ministry of Finance regarding enhancing the annual limit for contribution to Public Provident Fund (PPF). The government is scheduled to present the Budget 2022-23 next month.
Finance Minister Nirmala Sitharaman arrives at Rashtrapati Bhavan, ahead of Union Budget 2022.
The Economic Survey 2021-22 was tabled in Parliament on Monday. Indian economy is estimated to grow by 9.2 percent in real terms in 2021-22 (as per first advanced estimates) subsequent to a contraction of 7.3 percent in 2020-21.
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