Highlights of Budget 2022 – Tax Return Wala

India’s economic growth is estimated to be 9.2 percent in the current year, which is the highest among all major economies. The overall, rapid recovery and recovery of the economy from the adverse effects of the pandemic reflects the strong resilience of our country. This was stated by the Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman while presenting the Union Budget in the Parliament on 1st^{scheduled tribe} February 2022.
So, let us consider the highlights of Budget 2022 for easy understanding and clarity:

1. Capital Gains Taxation

The surcharge on long-term capital gains arising on transfer of any asset is limited to 15%. At present, long-term capital gains on listed equity shares, units, etc. attract a maximum surcharge of 15 per cent, while other long-term capital gains carry a higher surcharge rate of 37 per cent. This is expected to benefit taxpayers in higher-income tax slabs as well as investors in equity shares of start-ups.

The move will boost the start-up community and reaffirms our commitment towards a self-reliant India, says the Finance Minister, with my proposal to give tax benefits to manufacturing companies and start-ups.

2. one class one channel

The pandemic has adversely affected the education of students, especially students from rural areas and students studying in government schools. Keeping this in mind, the government has introduced the concept of universal quality education. Due to the pandemic, students have lost almost 2 years of formal education. Therefore, in order to provide supplementary education and create a flexible mechanism for education delivery, the government has launched ‘A class-one TV channel’ The program of PM e-VIDYA which will be expanded from 12 to 200 TV channels, which will enable all the states to provide supplementary education in regional languages ​​for class I.^{scheduled tribe} from 12^thIn order to promote critical critical thinking skills and to place creativity in vocational courses, 750 virtual laboratories in science and mathematics and 75 e-skills laboratories are proposed to be set up in 2022-23 to encourage learning environments.

In order to provide universal digital education, it is proposed to set up a digital university which will provide world class quality education to the students across the country with personalized learning experience at their doorstep. The university will be set up on a network hub-spoke model with state-of-the-art ICT expertise of hub building. Thanks to Hub-Spoke’s network, the best public universities and institutions will collaborate and join hands to provide digital education to students.

3. one station one product

In order to promote and enhance the growth of trade and employment of the particular sector, our Finance Minister has taken a very important initiative through our longest extensive railway network. The idea behind this initiative was to promote local chain of supply using the railways channel, showcase their local product and create greater connectivity to more stations. ‘One Station One Product’ now acquires more importance and relevance in the context of the pioneering “Atmanirbhar Bharat Abhiyan” campaign launched by Prime Minister Narendra Modi with an aim to strengthen domestic industries and make India self-reliant.

4. Post office maturing into banks

Finance Minister Nirmala Sitharaman has announced that 100% of post offices will come under Core Banking System in FY 2022. Hence, one can transfer funds from post office accounts to other bank accounts without any hassle. This effort of the government will be of great help to farmers and senior citizens in rural areas which will enable interoperability and financial inclusion.

Therefore, bringing the post office under the ambit of core banking services will enable financial inclusion and access to accounts through the following facilities:

• net banking
• mobile banking
• Automated Teller Machine (ATM)
• Online transfer of funds between post office accounts and bank accounts.

To further the agenda of digital banking, it has also been proposed to set up 75 digital banking units in 75 districts of the country by scheduled commercial banks. It has been observed that there has been a rapid growth in digital banking, digital payments and fintech innovations in the country. Also, to encourage more adoption of digital payments, it has been announced in the budget speech that the financial support for the digital payments ecosystem announced in the previous budget will continue in 2022-2023.

Therefore, the government’s decision to integrate 1.5 lakh post offices with the core banking system will be a big push in promoting the digital economy.

5. Startup for Agriculture Assistance

• National Bank for Agriculture and Rural Development (NABARD) will set up a compound fund to financially support agri tech startups to enhance the agricultural product value chain in rural areas.
• NABARD will support FPOs (Farmer Producer Organisations) and related agencies as they support startups.
• Digitization of land records.
• Use of farmer drones to be promoted for crop evaluation and spraying of pesticides and insecticides
• In the first phase, chemical free natural farming will be promoted in the country with special focus on 5 km corridor along the banks of river Ganga.
• To reduce the dependence on import of oilseeds, a rational and comprehensive plan will be implemented to increase the domestic production of oilseeds.
• States will be encouraged to revise the curriculum of agricultural universities to meet the needs of natural, zero-budget and organic farming, modern agriculture, value addition and management.

6. special economic zone

The Customs Administration will be fully IT driven in the SEZ and will function on the Customs National Portal with high convenience focus and only risk-based investigation. 30 it. will be implemented till^th September 2022; Which in turn will aid in ease of doing business in India.