GK| GENERAL KNOWLEDGE| UNION BUDGET [2022-23] SHORT INFORMATION| ENGLISH MEDIUM
(GK)
GENERAL KNOWLEDGE
Union
Budget 2022-23
SHORT INFORMATION
Union Budget 2022 Income Tax Slab Finance Minister Nirmala Sitharaman presented the fourth budget of her tenure. Whose aim is to include India in the world's fastest growing economy.
Presenting the Union Budget, Finance Minister
Nirmala Sitharaman did not announce any new changes in the tax slabs for the
personal income tax category.
Taxpayers can now update IT returns within two
years. To provide an opportunity to rectify any errors, taxpayers can now file
update returns within two years from the relevant assessment year.
Any income from transfer of virtual digital
assets will be taxed at 30 per cent. Gift of such property will attract tax to
be paid by the donee.
Tax for cooperatives has been reduced to 15% to
provide a level playing field between cooperatives and corporates. The
surcharge on cooperative societies has been reduced to 7%.
The Indian economy is estimated to grow by 9.2
percent in the fiscal year ending March after a contraction of 7.3 percent in
the previous fiscal.
Expenditure and deficit and other key numbers
Proposed 4.5% of GDP by 2025/26.
Fiscal deficit to be provided to states for
capital investment outlay of Rs 1 lakh crore for 2022/23.
Life Insurance Corporation's public issue likely
to come soon Adequate allocation has been given in this budget before last
year's budget.
Blockchain-based digital rupee digital currency
to be launched from 2022-23, scheme for taxation of virtual digital assets to
begin.
To encourage digital payments, 75 digital banks
will be set up in 75 districts by scheduled commercial banks.
Loss on sale of virtual digital assets will not
be set off against other Income from virtual digital assets will be taxed at
30%.
The government will pay Rs 2.37 lakh crore for
the purchase of wheat and paddy under the agriculture MSP operation.
2022-23 has been declared as the International
Marketing Year.
Railways to develop new products for small
farmers and MSMEs; A rational plan will be brought in to increase domestic
oilseed production to reduce imports.
Kisan drones for crop assessment, land records,
spraying of pesticides will bring a wave of technology in the agriculture
sector.
Rs 44,605 crore Ken Betwa River linking project
announced, draft DPR finalized for linking 5 rivers.
Finance start-ups will have an incentive to
support rural enterprises.
Natural farming will be promoted along the Ganga
River Corridor Completely paperless, e-bill system will be introduced for
procurement by the Ministries.
Financial assistance will be provided to the
farmers for adopting agroforestry. Domestic scheme launched to reduce
dependence on oilseed imports.
Battery swapping policy will be formulated to
allow EV charging stations for automobiles, encourage private sector to create
sustainable and innovative business models for battery and energy as a service,
thereby driving the EV ecosystem efficiency will improve.
Education and skills States with natural, zero
budget and organic farming will be encouraged to revise the curriculum of
agricultural universities to meet the needs of modern agriculture.
One section of PM e-Vidya, one TV channel
program will be expanded from 12 to 200 TV channels. It will enable all states
to provide supplementary education in regional languages for classes 1 to 12.
Digital University; Will be built on the Hub and
Spoke model. 1-Class-1-TV channel will be implemented to provide supplementary
education to children to compensate for the loss of formal education due to
Covid.
Launch of National Skills Qualification
Framework (NSQF) to meet the needs of the dynamic industry.
68% of capital procurement budget in defense to
be earmarked for domestic industry in 2022-23. Defense R&D will be opened
up to industry, start-ups and academia with 25% of the R&D budget.
Spectrum will be auctioned in 2022 for the
rollout of 5G.
Design-based manufacturing scheme for 5G ecosystem
will be launched as part of the PLI scheme to enable affordable broadband and
mobile communication in rural and remote areas.
In 2022-23, contracts will be given for laying
optical fiber in villages under the Bharat Net project under PPP, data centers
and energy storage systems will be given infrastructure status.
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