Highlights of Union Budget 2022-23

Please find below Highlights of Union Budget 2022-23.

General

1. Paperless Budget. Presented on Tab by the FM
2. Economic Growth to be 9.2% for FY 2022-23
3. Railways to develop projects for MSME small businesses
4. ECLGS Scheme extended till March 2023
5. E-Passports will be rolled out in FY 2022-23
6. Battery swapping policy will be implemented
7. SEZ will be replaced with new legislation
8. RBI to issue digital Rupee in FY 2022-23

Direct and Indirect tax

1. New updated Tax Return Forms
2. Updated ITR can be filed within 2 years from the end of relevant AY.
3. Reduce AMT for Cooperative Society from 18.5% to 15% & Surcharge reduced from 12% to 7%.
4. Tax relief for person with disability.
5. Tax deduction limit to NPS Account by state government employees raised to 14% from 10% in line with Central Government employees.
6. Gain on Virtual Digital Asset (VDA) taxed @ 30%. No deduction allowed and no set off allowed.
7. TDS @ 1% on transfer of VDA.
8. Surcharge on LTCG capped at 15%.
9. No set off of loss with the income arises during search operations.
10. Date of tax incentive for startup extended to March 2023.
11. Custom Duty on umbrellas 20%