TAXATION

  1. New updated tax return forms.
  2. Updated ITR can be filled within 2 years from the end of relevant AY.
  3. Reduce AMT for Cooperative society from 18.5% to 15%.
  4. Surcharge:
    1. Cooperative society – reduced from 12% to 7%.
    2. Long term capital gains (LTCG) – 15%.
    3. Association of persons (AOP) – reduced from 37% to 15%.
  5. Tax relief for a person with disability.
  6. Date of tax incentive for startup extended to March 2023.
  7. Virtual Digital Asset (VDA)
    a) Gain on VDA taxed @30%.
    b) No deduction allowed and no set off allowed.
    c) TDS @1% on transfer of VDA.
  8. Tax deduction limit to NPS Account by state government employees raised to 14% from 10% .
  9. Custom Duty on umbrellas 20%.

FOR SMALL ENTERPRISES
1. MSMEs such as Udyam, E-Shram, NCS & Aseem portals will be inter- linked, their scope will
Widened.
2. Incentive for Startups benefits allowed to start up incorporated before 31/3/2023. (Earlier
31/3/2022 )

  1. A fund with blended capital raised under co-investment model facilitated through NABARD to
    finance startups in agriculture & rural enterprises for farm produce value chain.

ECONOMY
1. Indian`s growth estimated to be at 9.2%, highest among all large economies.
2. Fiscal Deficit target set at 6.4% for FY2023. Total expenditure seen at Rs. 39.45lakh crore.
3. Capital expenditure stepped up to Rs 7.5lakh crore.

  1. National highway to be expanded by 25000 km during 2022-2023.
  2. ECLGS Scheme extended til March 2023.E-Passports will be rolled out in FY2022-2023.
  3. Battery swaping policy will be implemented.
  4. SEZ Act will replace with new.
  5. RBI will issue Digital currency in FY 2022-23.
  6. Crypto currency of our country will launch in this year and 30% tax on its income.
  7. Total cover under scheme now RS. 5lakh crore. Additional amount earmarked for hospitality
    sector to overcome slowdown due to Covid.
    11.Open online plateform for health facilities to be rolled out .
  8. Rs. 48000 crore allotted for PM Awas Yojana , In 2022-23 80lakh houses will be completed for
    identified beneficiaries for PM Awas Yojana in rural & urban areas.
  9. One class on TV channel programme of PM e-vidya go be expanded to 200 TV channels.
  10. 2023 is international year for MILLETS. Kisan drones will be used for crop assessment.