Union Budget 2022 Important Topics – SIP Calculator

Union Budget 2022 Important Topics

Updates
Financial inclusion

100% of 1.5 lakh post offices will come on the core banking system, enabling financial inclusion and access to accounts through net banking, mobile banking, ATMs, and also provide online transfer of funds between post office accounts and bank accounts.
This will be helpful especially for farmers and senior citizens in rural areas, enabling inter operability, and financial inclusion.

FM

REQUIRED SPECTRUM AUCTION TO BE CONDUCTED IN 2022 FOR 5 G SERVICES

Rs 48, 000 crore is allotted for PM Awas Yojana

In 2022-23, 80 lakh houses will be completed for identified beneficiaries of PM Awas Yojana; 60,000 houses will be identified as beneficiaries for PM Awas Yojana in rural & urban areas.
60,000 crore allocated for providing access to tap water to 3.8 crore households
In 2022-23, 80 lakh households will be identified for the affordable housing scheme

1) India’s economic growth is estimated to be 9.2% in the upcoming financial year.
2) Strengthening of Health infrastructure, speedy implementation of vaccination program are evident for all.
3) PM Gati Shakti will pull forward the economy and will lead to more jobs & opportunities for the youth.
4) The National Highway network will be expanded by 25,000 kms in 2022-23. PM Gati Shakti will encompass the 7 engines for multi-modal connectivity for the states with speedier implementation of development projects through technology to facilitate faster movement of people & goods through Rs 20,000 crore financed by the govt to speed up this project.
5) Railways will develop efficient logistics for small farmers & enterprises. ‘One station, one product’ to help supply chain of local product.
6) 100 Cargo Terminals under PM Gati Shakti will be developed in the next few years.
7) ‘Parwatmala’ for conventional roads in hilly areas to be taken in PPP modes.

ePassports will be rolled out in 2022-23 for convenience in overseas travel. ##FM’s top announcements so far-
1) ePassports will be rolled out in 2022-23 for convenience in overseas travel
2) For urban capacity building, modernization of building by laws, town planning schemes and transit oriented development will be implemented.
3) Centres of Excellence will be established with an outlay of 250 crore for urban sector development.
4) Battery Swapping Policy will be brought out and inter operational service will be formulated.
5) ‘One Nation, One Registration’ will be established for anywhere registration to facilitate ease of living & doing business.
6) Private sector will be encouraged to create sustainable and innovative business models for battery and energy as a service, improving the efficiency in the EV ecosystem.

Sitharaman allocates Rs 20,000 cr towards Gati Shakti, terms it ‘7 engines for economic transformation

FM reduces co-operative societies tax rate to 15%

To reduce surcharge on co-operative societies to 7% from 12% for income between Rs 1 cr to Rs 10 cr

FM Sitharaman

Rs. 19,500 crore marked for PLI for manufacturing of high efficiency module for polysilicon

To facilitate domestic manufacturing for ambitious goal of 280 GW of installed solar capacity by 2030, addl allocation of Rs 19,500 cr for PLI for manufacturing of high-efficiency modules with priority to fully integrate manufacturing units to solar PV modules will be made, said FM Sitharaman

FM Sitharaman

Taxpayers can now file updated return within 2 years from relevant AY

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

State govt employees’ tax deduction limit increased from 10% to 14%

Both Centre and States govt employees’ tax deduction limit to be increased from 10% to 14% to help the social security benefits of state govt employees and bring them at par with the Central govt employees:

GST payed a remarkable reform in India’s GDP: FM Sitharaman

The gross GST collections for the month of January 2022 are Rs 1,40,986 crores which is the highest since the inception of GST, said Finance Minister Nirmala Sitharaman in her speech

Govt committed to reduce imports in defense sector: FM Sitharaman

The government is committed to reduce imports and promote self-reliance in the defence sector, Finance Minister Nirmala Sitharaman said on Tuesday. She said that 68 per cent of capital for the defence sector would be earmarked for the local industry. Sitharaman also said that 5 per cent of Universal Service Obligation (USO) Fund would be provided for R&D and technology upgradation. “Contracts for laying of optical fibre net to all villages under BharatNet to be provided under PPP mode,” she added. Further, she noted that risks of climate change are the strongest externalities for the world and a low carbon development strategy would open employment opportunities.