Union Budget 2022: Co-operative surcharge to be reduced from 12% to 7% says FM
Finance Minister Nirmala Sitharaman is presenting the Union Budget 2022 today.
PC: Social Media
Lucknow: Finance Minister Nirmala Sitharaman is presenting the Union Budget 2022 today.
There are many challenges in front of the government this time. Inflation has spoiled the taste of the kitchen. Youth are unhappy with unemployment. The focus of the government is also on increasing disinvestment and exports. People are also expecting relief regarding tax slabs.
- Textiles, leather goods will be cheaper
- Mobile phones and chargers will be cheaper
- diamond jewelery will be cheaper
- foreign machines will be cheaper
- Custom duty reduced on polished diamonds
Defence Ministry has been allocated Rs 1.52 lakh cr this yr for capital acquisition for modernisation of Armed forces. Of this, 68% has been earmarked for procurement from domestic sources. Allocation is around 13% higher than last yr’s allocation of Rs 1.35 lakh cr
To provide an opportunity to correct an error, taxpayers can now file an updated return within 2 years from the relevant assessment year: FM Nirmala Sitharaman
Customs duty on cut & polished diamonds, gems to be reduced to 5%: Finance Minister Nirmala Sitharaman
BUDGET 2022
Budget 2022: e-Passports will be rolled out in 2022-23, says FM Sitharaman
Animation, Visual Effects, Gaming and Comics (AVGC) sector offers immense potential to employ youth. An AVGC promotion task force with all stakeholders will be set up to recommend ways to realise this and build domestic capacity for serving our markets and the global demand: FM Sitharaman
Budget 2022: What are the income tax-related expectations?
According to financial experts, Budget 2022 can look into a reduction in tax rates for the new personal tax regime, increase in the standard deduction, and increase in deduction on housing loan interest.
PM development initiatives for North East will be implemented for the North Eastern Council... This will enable livelihood activities for youth and women... This scheme is not a substitute for the existing Centre or State schemes: FM Nirmala Sitharaman
Railways will develop new products for small farmers and MSMEs: FM
States will be encouraged to revise syllabi of agricultural universities to meet needs of natural, zero-budget & organic farming, modern-day agriculture: FM Nirmala Sitharaman