03/02/2022
The major announcements which have been made in this Budget are as under:-
1. Maximum surcharge on long-term capital gain is capped at 15%
2. Period of incorporation for eligible start-ups to claim the tax benefit is extended by 1 year
3. Income from the transfer of virtual digital asset shall be taxed at 30% with no deduction of expenses
4. Surcharge rate reduced from 12% to 7% on co-operative society having total income less than Rs. 10 crores
5. Income-tax return can be revised within 2 years on payment of additional tax
6. Rate of Alternate Minimum Tax (AMT) is reduced to 15% for co-operative societies
7. SEZ Act will be abolished and a new law will be enacted to enhance exports
8. Digital Rupee using block chain to be issued by RBI starting 2022-2023
9. IBC laws will be amended to enhance the resolution process and to facilitate cross border insolvency resolution
10. 5G will be rolled out in 2022-23 by private telecom players
11. 1,486 union laws were repealed last year in a step towards minimum government and maximum governance.
12. Pushing digital economy and fintech will be a priority for the Government
13. Start-ups would be promoted to facilitate 'drone shakti' for the promotion of drone usage
14. All post offices will come on the core banking system in year 2022
15. Issuance of E-Passports will be rolled out in 2022-23
16. 7 Engines have seen suggested for unison growth of India - Roads, Railways, Airports, Ports, Mass Transports, Waterways and Logistics infrastructure.