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Budget 2022-23 - Quick Updates

CSSwati Rawat
2022-23 Budget Unveils MSME Aid, Digital University, Housing Projects, Tax Incentives for Startups, and E-passports The 2022-23 budget introduces several initiatives, including a 2 lakh crore aid package for MSMEs and the anticipated public issue of a major insurance corporation. The Credit-Linked Guarantee Scheme is extended to March 2023, and educational initiatives such as a digital university and regional language TV channels are planned. Housing projects under a government scheme aim to complete 80 lakh homes. Business reforms and e-passports are also on the agenda. Tax changes include a reduced Minimum Alternate Tax for cooperatives, extended tax incentives for startups, and a 15% corporate tax. Long-term capital gains and digital assets face specific tax rates. (AI Summary)

New Budget so far 

  1. 2 lakhs crores additional help for MSMEs.
  2. Public Issue of LIC is expected shortly.
  3. Credit-Linked Guarantee Scheme extended till March 2023.
  4. One class-one TV channel and 200 TV channels to provide education in all Regional languages.
  5. A Digital University will be set up for higher education.
  6. 80 Lakhs homes to be completed under PM Aawas Yojna.
  7. Maximum Governance, minimum Government  - Doing business Easily 2.0 to be launched.
  8. E-Passports introduction - Using embedded chip to be rolled out in 2022.
  9. Green Clearance Portal scope to be expanded.

Direct Tax:

  • Minimum Alternate Tax for cooperatives reduced to 15%
  • Updated Return can be filed within 2 years from the end of relevant assessment year.
  • Tax incentives for new start ups extended by 1 year.
  • Corporate Tax reduced to 15% from 18%
  • Long term capital gains to be taxed at 15 %
  • 30% tax on vertical digital asset after deducting the cost of acquisition, no other deductions permitted
Budget - Tax Proposals
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