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Budget 2022-2023

Highlights from Budget 2022-2023

Last Updated 27th Jan 2022

The FM Nirmala Sitharaman presented the first paperless Union budget on 1st Feb 2021. Few leading announcements impacting the common Indian Citizens are:

  • Employers will not get deduction for employee contribution if they don’t deposit the PF contribution on time.
  • A budget of ₹ 35,000 crores allotted for Covid-19 vaccines.
  • Senior citizens of 75 years+ with pension and interest income are now exempt from filing Income Tax Returns.
  • Tax holiday on affordable housing projects and start-ups extended for one year till 31st March 2022
  • A faceless National income tax appellate tribunal to be set up.
  • All About Union Budget 2021
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Budget Highlights 2022-2023

After the series of small budgets in the form of relief packages, the FM Sitharaman presented the first Union Budget of the third decade of the 21st century to provide relief to the common citizens who are going through a lot of financial stress due to the Covid-19 pandemic.Major announcements in different sectors are:

MSMEs and Individuals

  • In FY22, ₹15,700 crores will be allocated by the Government to the MSME sector.
  • The Government is also proposing to reduce the margin money demand in start-up India scheme from 25% to 15%.
  • Now NRIs can incorporate one person companies in India as well.


The taxation related major announcements are:-

  • Senior citizens above 75 years with a pension and interest earnings are not required to file Income Tax Returns.
  • Senior citizens above 75 and with pension and interest earnings need not file returns.
  • For small taxpayers, a dispute resolution committee is going to be established. This will help individuals with taxable income up to ₹ 50 Lakh and disputer income up to ₹ 10 Lakh.
  • The central government proposed establishing faceless income tax appeal courts and a national income tax appellate tribunal centre.
  • Government has announced relief for Non-Resident Indians (NRIs) from double taxation on overseas retirement accounts, claiming exemption on tax deducted from that money in India. There is an unevenness in the taxability of these funds in India and the respective country.
  • The eligibility for claiming tax holiday and capital gains exemption for start-up investments has been extended until 31st March 2022.
  • The Govt will reduce GST’s inverted duty structures and review 400 old exemptions and start consultation from Oct 2021.
  • The government recommends that the Real Estate Investment Trust (REIT) or Infrastructure Investment Trust (InvIT) dividend payments be exempted from TDS.
  • The government has increased the tax audit limit to ₹ 10 Cr for companies making 95% of their transactions digitally.
  • Only cases of severe tax violations about concealment of income more than ₹ 50 Lakh in a year will be allowed to be reopened till ten years. For rest, the cases can be reopened only up to 3 years.


If the employers don’t deposit PF contribution on time, they will lose the deduction for their contribution. The interest earned on PF's annual contribution above the ₹ 2.50 Lakh per annum amount is now taxable, impacting voluntary provident fund contributions.

Housing, and Healthcare

  • The tax holiday of ₹ 1.50 Lakh interest is now available for migrant workers under the affordable rental housing scheme.
  • Tax holiday on affordable housing projects extended for 1 year till March 31, 2022.
  • Union Budget introduces a ₹ 64,180 cr scheme to upgrade healthcare infrastructure under Prime minister Atmanirbhar Swasthya Bharat Yojana.
  • Earlier tax holidays of affordable housing projects have also been extended to 31st March, 2022.

Banking, Market and Insurance

  • The SEBI Act, Depositories Act, and the two other laws are to be made into a singular Unified Securities Market Code.
  • An investor charter introduced for all financial products.
  • The government has raised The Foreign Direct Investment (FDI) limit in the insurance sector from 49% to 74%.
  • An asset reconstruction firm is going to be set up to take over stressed loans and value realisation.
  • The government will streamline the latest increase of deposit insurance so that depositors can easily access their savings and provide relief for depositors associated with banks under stress.
  • LIC’s initial public offering (IPO) will be completed in 2022-2023.
  • Government to set up a National Development Finance Institution capitalised with ₹ 20000 crores to lend ₹ 5 Lakh crores in 3 years. Through the infrastructure investment trust (InvIT) and real estate investment trust (REIT) routes, debt financing will be enabled by amending the rules accordingly.

Agriculture & allied sector and rural development

  • The government has introduced an agriculture cess of ₹ 2.5/litre on petrol and ₹ 4/litre diesel.
  • The FM has announced that there has been an increase of 1.5 times in MSP price.
  • More than 1,000 mandis are to be integrated into the E-NAM market place.

Industry and Infrastructure

  • A ₹ 5.54 trillion capital investment to boost the demand for heavy and medium commercial vehicles.
  • The government decides to introduce a voluntary scrappage policy scheme and augment the public transport system by adding more buses. The commercial vehicles 15+ years old and personal vehicles more than 20 years old will be scrapped. The government has allotted ₹ 18,000 crores to buy 20000 buses.
  • ₹ 1.10 Lakh crore has been allocated for Indian Railways in FY22 in Union Budget 2021. The government has revealed a future rail plan for Indian Railways by 2030.


  • The government will set up 100 Sainik Schools, and 750 Eklavya schools will be set up in tribal areas.
  • Ladakh will soon have a new central university.
  • Under NEP 2020, more than 15,000 schools will be strengthened.
  • An 'umbrella' structure will be created for central higher education institutions in various cities such as Hyderabad.

Conclusion :With no change in the Income Tax slab for individuals taxpayers, the union budget 2022-2023 was presented to compensate for the issues that appeared due to the Covid-19 pandemic. The Budget 2022-2023 will boost health, insurance, banking, and other sectors. The budget caters to the immediate goals of citizens’ needs and adds up the vision of transforming the railways and other sectors.


What is the date of budget 2022?

The budget 2022-2023 was presented by the Indian finance minister Nirmala Sitharaman on the 1st February 2021.

Is there any change announced in the income tax slab in the budget 2021?

No, there has been no changes announced in the income tax slabs.

Who presents India's budget?

India's finance minister presents the country's budget in the parliament's lower house (Loksabha).

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