Key Highlights of the Union Budget 2022

February 01, 2022 16:16

Key Highlights of the Union Budget 2022:- Indian Finance Minister Nirmala Sitharaman presented the Union Budget 2022 in the Parliament House today. Indian Prime Minister Narendra Modi lauded the budget introduced by Nirmala Sitharaman calling it people-friendly. The speech of the Finance Minister started at 11 AM in the house and this is the tenth budget of Narendra Modi's government and the second paperless budget. Nirmala Sitharaman said that the economic growth in the country is 9.2 percent which is the highest among the big economies. Here are the key highlights of the Union Budget 2022:

The Union Budget seeks to lay the foundation over Amrit Kal for the next 25 years: It is from India at 75 to 100. The budget is focused on productivity, financing investments, climate action and PM Gati Shakti plan.

India will soon have 400 new Vande Bharat trains with better facilities and efficiency. 100 new PM Gati Shakti Cargo terminals will be coming up in the next three years.

ECLGS is extended till March 2023.

Five river liks: Damanganga-Pinjal, Par- Tapi-Narmada, Godavari-Krishna, Krishna-Pennar & Pennar-Kaveri will get Draft DPRs.

The auction for 5G spectrum will be conducted this year and it will roll out in 2022-23.

Digital rupee will be introduced using the blockchain technique and RBI will issue the digital currency in 2022-23.

For the cooperative societies, there would be income tax relief through the reduction in the rate of surcharge from 12 percent to 7 percent.

All the taxpayers can file the updated returns within 2 years from the assessment year.

The tax deduction limit for the Centre and state government employees will be increased from 10 to 14 percent.

The capital expenditure outly went up by 35.4 percent from Rs 5.54 lakh crore to Rs 7.50 lakh crore in 2022-23.

You can transfer 30 percent of the taxes on the digital assets.

Bharat Net's optical fiber project is expected to be completed by 2025.

E-passports will be available from next year with embedded chips. 75 digital banking units in 75 districts in India will be rolled out.

For Ken Betwa rivers, Rs 44,605 crores will be spent.