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SUMMARY BUDGET 2022-2023
~ Digital Rupee to be rolled out by 2023
~ E- Passports will be rolled out in 2022-23 for convenience in overseas travel
~ For urban capacity building, modernization of building by laws, town planning schemes and transit oriented development will be implemented.
~ Centers of Excellence will be established with an outlay of 250 crore for urban sector development.
~ Battery Swapping Policy will be brought out and inter operational service will be formulated.
~ 'One Nation, One Registration' will be established for anywhere registration to facilitate ease of living & doing business.
~ 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.
~ India to launch sovereign green bonds
~ 5G spectrum auctions to be conducted this year
~ ECLGS scheme extended till March 2023
~ Capital expenditure is being stepped up to RS. 7.5 lakh crore
~ For urban capacity building, modernization of building by laws, town planning schemes and transit oriented development will be implemented.
~ Centers of Excellence will be established with an outlay of 250 crore for urban sector development.
INDIA BUDGET: PROPOSE SCHEME TO TAX VIRTUAL DIGITAL ASSETS TO 30%
- Revised Income tax return can be filed within 2 Years from end of AY
- AMT reduced for Co-Operative Societies from 18.5% to 15%
- Surcharge on Co-Op societies reduced to 7% from 12%
- NPS ( Currently 10% of Salary ) - for State govt. Employee - increased to 14% of salary
- Incentive for Startups benefits allowed to start up incorporated before (Earlier 31-3-2022 extended to 31-3-2023)
- Sec. 115 BAB date of commencement of manufacture extended to 1 More year.
Virtual digital Assets : - Taxed at 30%
- No expenses allowed,
- Loss can not be allowed,
- TDS @1% of consideration ; Gifting digital Virtual assets taxable
- AOP Surcharge reduced to 15% from 37%
- Education Cess on income tax not allowable as expense ( Just a clarification)
- Undisclosed income during search and survey - Set off of any loss not allowable
- TDS on Benefits transferred to agent Exceeding Rs. 20000
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