Union Budget 2022: Highlights, Income Tax, Summary PDF Download, Know All Details Here

The Union Budget 2022 by Finance Minister Nirmala Sitharaman in New Delhi on February 1, 2022. The Union Budget will be carried live on Lok Sabha TV (which will be picked up by other news stations) and on social media platforms like Twitter and Youtube.

The Union Finance and Corporate Affairs Minister Nirmala Sitaraman is expected to present the budget on February 1. This budget will be the fourth one presented by the Narendra Modi-led BJP government during its second tenure. The Budget session will start at the Parliament around 11 am on February 1, 2022.

Live Highlights of Union Budget 2022

Sitharaman
Union Finance Minister Nirmala Sitharaman With Her Cabinet Colleagues. (Express Photo: Tashi Tobgyal)

Budget 2022 Live Updates: Taxpayers can now update I-T returns within 2 years; India likely to grow at 9.27%; Gati Shakti masterplan to make world-class infra; PLI scheme to create at least 60 lakh new jobs in 5 years

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Union Budget 2022

On February 1, 2022, at 11 a.m., India’s Finance Minister, Nirmala Sitharaman, will unveil the Union Budget 2022. January 31 will mark the start of the Budget session with President Ram Nath Kovind’s speech to both Houses of Parliament, split into two parts.

  • Finance Minister Nirmala Sitharaman will introduce the Union Budget 2022, and the length of the Union Budget 2022 is likely to be between 90 and 120 minutes.
  • The Finance Minister’s speech during the Union Budget of 2020 was the longest in the history of Independent India, lasting almost two hours and forty minutes.
  • The Union Budget will be there to the Lok Sabha on February 1 at 11 a.m. before being presented to the Rajya Sabha, predicts the Ministry of Parliamentary Affairs.
  • The Economic Survey before the Budget Session will be delivered on January 31, 2022, as it is every year.

Union Budget 2022 PDF Download

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Union Budget 2022 Date

Finance Minister of India Nirmala Sitharaman will present the Union Budget on February 1, 2022


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Union Budget 2022 Date, timings

Union Budget 2022 is likely to be presented at 11 am on 1st February (Tuesday), despite staggered timing for Lok Sabha & Rajya Sabha. The duration of the Budget presentation might range from 90 to 120 minutes. However, in 2020, Sitharaman had delivered the longest budget speech in Indian history which lasted around 160 minutes.

About Union Budget

The Union Budget records the government’s finances for the fiscal year, from April 1 to March 31. Also, the Union Budget consists of two parts: revenue and capital.

The government’s revenue inflows and expenditures appear in the revenue budget. Tax and non-tax revenue are the two types of revenue is there. Revenue expenditures are the costs of the government’s day-to-day operations and the numerous services it provides to its residents. The government runs a revenue deficit when revenue expenditures exceed revenue inflows.

Union Budget 2022 Highlights

  • The emphasis of the Union Budget session in 2022 will be on accelerating India’s recovery from the epidemic. It is also likely to place a strong focus on improving India’s educational system.
  • Employees qualify for tax benefits. The current standard deduction should not limit the amount of money that may reduce from the work from home allowance.
  • The forthcoming Union Budget session, which Finance Minister Nirmala Sitharaman will deliver on February 1, 2022, will feature plans to re-ignite India’s CAPEX cycle and set a fiscal reduction strategy.
  • Enormous spending on healthcare initiatives and capital expenditures is forecast in the Union Budget to strengthen India’s deeper integration into the global supply chain.
  • The finance minister started significant tax changes in her first year, slashing corporate income tax to 25% and establishing a highly competitive 15% tax rate for new manufacturing firms.
  • As India’s economy struggles to cope with the epidemic, the Finance Minister has leeway to tax breaks. Relief will enhance money and promote rising demand for the salaried class, which the epidemic has heavily impacted.

Highlights of Budget 2022 Speech

  • – Public issue of Life Insurance Corporation expected shortly: FM
  • – Union Budget seeks to lay foundation & give blueprint of economy over ‘Amrit Kal’ of next 25 years – from India at 75 to India at 100
  • – Budget to focus on 4 pillars – productivity, climate action, financing investments and PM Gati Shakti plan
  • – 400 new generation Vande Bharat trains with better efficiency to be brought in and 100 PM Gati Shakti Cargo terminals to be developed during next 3 years
  • – ECLGS to be extended till March 2023. The guaranteed cover will be expanded by Rs 50,000 crores to total cover of Rs 5 lakh crores to aid MSME sector financing needs
  • – Draft DPRs for 5 river links Damanganga-Pinjal, Par- Tapi-Narmada, Godavari-Krishna, Krishna-Pennar & Pennar-Kaveri have been finalized. Once consensus is reached among beneficiary states, centre will provide support for implementation
  • – 5G spectrum auction to be conducted in 2022 for rollout of 5G telecom services by private players in FY 2022-23
  • – To facilitate domestic manufacturing for ambitious goal of 280 GW of installed solar capacity by 2030, additional 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
  • – Digital rupee to be issued using blockchain and other technologies; to be issued by RBI starting 2022-23. This will give a big boost to the economy
  • – Income tax relief to cooperative societies with reduction in rate of surcharge from 12% to 7% for income upto Rs 10 crores
  • – Taxpayers can now file an updated return within 2 years from the relevant assessment year
  • – Income from virtual digital assets brought under tax net. Gaines taxable at 30% without any deduction except cost of acquisition
  • – 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
Union Budget 2022

Union Budget 2022 Income Tax

Tax rates may reduce in the new system, but deductions forfeit there. Those under the present tax legislation could continue to pay tax while claiming any available exemptions under the former tax scheme.

  • Under the new tax structure, seven income levels are available.
  • Up to Rs, 2.5 lakh of income is exempt from taxation.
  • Those earning between Rs 12.5 lakh and Rs 15 lakh, on the other hand, must pay a 25% tax on their earnings.
  • Individuals earning more than Rs 15 lakh must pay a 30% tax on their earnings.
  • Exemptions under Section 80C do not apply under this framework. The new tax system does not include home loan exemptions, insurance exemptions, and basic deductions.
  • Taxes on earnings between Rs 2.5 and Rs 5 lakh are there for individuals earning between these amounts.
  • Earners who earn between Rs 5 lakhs and Rs 7.5 lakhs must pay 10% tax on their earnings.
  • For individuals earning between Rs 7.5 lakh and Rs 10 lakh each year, the tax rate is 15%.
  • A tax rate of 20% applies to those earning between Rs 10 lakh and Rs 12.5 lakh.

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Union Budget 2022 Facts

  • The Finance Ministry prepares it in collaboration with other relevant ministries.
  • Since 2017, the FM has presented the Budget in the Lok Sabha on February 1 at 11 a.m. It follows the budget presentation on the last working day of February.
  • Railway Budgets were there separately from Union Budgets until 2017.
  • The typical duration of the Budget speech is 90 minutes to 120 minutes.
  • Before Sitharaman, Jaswant Singh gave the longest Budget Speech in 2003, lasting 135 minutes.
  • Hirubhai M Patel holds the record for the shortest Budget speech, with just 800 words spoken in 1977.
  • Finance Minister Nirmala Sitharaman, on the other hand, gave the most extended budget address in 2021-22, clocking in at almost 160 minutes.

Where to watch Union Budget 2022?

The budget presentation will be broadcast live on Lok Sabha TV. People can also watch the event on various other news outlets and on various social media platforms like YouTube and Twitter.


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Live Highlights of Union Budget 2022

Live
Customs duty on diamond to be reduced to 5%: Nirmala Sitharaman

Customs on polished diamonds, gemstones cut to 5%. Simply sawn diamonds will be exempted. To facilitate export of jewellery through e-commerce, simplified regulations will be in place by June this year.

Good that taxation of virtual assets is now clearly defined, says Adil Shetty

Adhil Shetty, the CEO of BankBazaar.com, while reacting to the Budget, said: “The taxation of virtual assets is now clearly defined. So, we now at least know what tax filers can expect this year. Individuals might have wanted lower LTCG taxes and and carry forward of losses similar to equity or housing. But this is at least a start.”

January gross GST collection highest since inception of tax: FM

The gross GST collections for the month of January 2022 are Rs 1,40,986 crore —the highest since the inception of the tax: Finance Minister Nirmala

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Focus on deep tech will give strategic depth to country: PN Sudarshan

PN Sudarshan, Partner and TMT Industry Leader, Deloitte India, said: “Deep tech is an idea whose time has come. All our focus so far has been on the application layer which provided solutions to problems and business opportunities. A focus on deep tech will provide that strategic depth. Wish the government expands and extends this.”

Inclusion of design-led initiatives for 5G in PLI is good step forward: Jaideep Ghosh

“Continued emphasis on the importance of mobile connectivity and broadband for economic development, especially in rural India, will further boost the telecommunication and associated sectors. Inclusion of design-led initiatives for 5G and other technologies in PLI is a good step forward. While an announcement on implementing Bharatnet optical fibre cable contracts through PPP has been made, an expeditious approach is needed to avoid delays given that the PPP model has witnessed mixed experience in other infrastructure sectors.”

LTCG to be taxed at 15%

Income from Long Term Capital Gains will be taxed at 15%, the Finance Minister said.

Corporate surcharge to be reduced from 12% to 7%

Corporate surcharge to be reduced from 12% to 7%, says Finance Minister Nirmala Sitharaman

Income from virtual digital assets to be taxed at 30%

Income from transfer of digital assets to be charged 30% tax, plus 1% tax on transaction: FM

Rs 48,000 crore allocated for completion of construction of 80 lakh houses: FM

Rs 48,000 crores allocated for completion of construction of 80 lakh houses under PM Awas Yojana in rural and urban areas in the year 2022-23: FM Sitharaman

Tax deduction limit to be increased from 10% to 14% for Centre, state govt employees

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

Taxpayers can now update I-T returns within 2 years

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

Budget 2022 | Rs 1L crore allocated to help states catalyse economy

For 2022-23, allocation of Rs 1 lakh crore has been made to assist the states in catalysing overall investments in the economy. These 50-year interest-free loans are over and above normal borrowings allowed to states. It’ll be used for PM Gati Shakti-related and other productive capital investments of states: FM

Digital Rupee based on blockchain to be introduced this year

Digital Rupee based on blockchain to be introduced in 2022 by the RBI, says FM

CapEx outlay increased by 35.4%

Capital Expenditure in Budget up by 35.4%. Govt sets Rs 7.5 lakh crore capital expenditure, 4.1% of GDP, as target in 2022-23.

Budget 2022 | 4 pilot projects for conversion of coal to energy to be launched

Capital Expenditure in Budget up by 35.4%. Govt sets Rs 7.5 lakh crore capital expenditure, 4.1% of GDP, as target in 2022-23.

Budget 2022 | Optical fibre to be laid out in all villages by 2025

The laying of optical fibre in all villages will be completed by 2025, says FM. A task force for the promotion of Animation, Visual Effects, Gaming, and Comics will be set up, aiming to employ youths in the visuals and animation sector.

“Settlement of 75% of running bills in 10 days to be established. To reduce delays in payment, paperless e-bills to be set up by the Ministries,” says Sitharaman.

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Budget 2022 | Defence R&D to be opened up to industry

Defence R&D will be opened up to industry, startups, and academia with 25% of defence R&D budget. Private industry will be encouraged to take up design and development of military platforms and equipment. 68% of R&D budget in defence has been earmarked for Make In India.

Budget 2022 | Spectrum auctions this year to enable 5G roll out by 2023

Required spectrum auctions will be conducted in 2022, to facilitate roll-out of 5G mobile services by private telecom players, says Sitharaman.

75 digital banking units in 75 districts to be set up by scheduled banks

To mark 75 yrs of independence, 75 digital banking units in 75 districts will be set up by scheduled banks. Over 25,000 compliances have been reduced. Ease of doing business 2.0 to be launched this fiscal. This phase will be guided by states and digitisation of services.

Budget 2022 | Transport sector gets Rs 20k croreboost

To mark 75 yrs of independence, 75 digital banking units in 75 districts will be set up by scheduled banks. Over 25,000 compliances have been reduced. Ease of doing business 2.0 to be launched this fiscal. This phase will be guided by states and digitisation of services.

Budget 2022 focuses on financial inclusion

“All 1.5 lakh post offices in India will be brought under the core banking system. This will enable 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,” says Sitharaman.

E-passports to be launched this fiscal

“All 1.5 lakh post offices in India will be brought under the core banking system. This will enable 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,” says Sitharaman.

75 digital banking units to be set up in 75 districts to promote

75 digital banking units will be set up in 75 districts to promote online payments, says FM Sitharaman

Budget 2022 | MSMEs get boost with interlinked portals, blended capital fund

MSMEs such as Udyam, e-shram, NCS and Aseem portals will be inter-linked. Their scope will be widened, says Sitharaman.

“They will now perform as portals with live organic databases providing G-C, B-C & B-B services such as credit facilitation, enhancing entrepreneurial opportunities. A fund with blended capital will be raised under co-investment model facilitated through NABARD to finance startups in agriculture & rural enterprises for farm produce value chain,” she said.

Budget 2022 | 'Emergency credit line guarantee scheme has helped MSMEs'

“Emergency credit line guarantee scheme has helped MSMEs. Hospitality and related services are yet to recover from Covid. ECMGH extended up to march 2023; guarantee cover for hospitality sector extended by Rs 50,000 crore,” says FM.

Budget 2022 | Rs 2.3 Lakh crore direct payment of MSP for farmers: FM

“Emergency credit line guarantee scheme has helped MSMEs. Hospitality and related services are yet to recover from Covid. ECMGH extended up to march 2023; guarantee cover for hospitality sector extended by Rs 50,000 crore,” says FM.

National Highways to be increased by 25k km: FM

“Strengthening of Health infrastructure, speedy implementation of vaccination programme are evident to all. Our budget focuses on taking [email protected] to [email protected] Last year, the budget saw significant implementation. With our provision for public investment in the last budget, this budget continues to provide a multiplier effect, which will benefit youth, farmers, SCs, STs, women and the poor,” says FM

Budget 2022 | Rs 2.3 Lakh crore direct payment of MSP for farmers: FM

“Emergency credit line guarantee scheme has helped MSMEs. Hospitality and related services are yet to recover from Covid. ECMGH extended up to march 2023; guarantee cover for hospitality sector extended by Rs 50,000 crore,” says FM.

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Gati Shakti masterplan to make world-class infra

PLI in 14 sectors will create 60 lakh new jobs and additional production of Rs 30 lakh crore in next 5 years, says Nirmala Sitharaman

Budget 2022: Logistics parks to be set up at 4 locations, says FM

“Strengthening of Health infrastructure, speedy implementation of vaccination programme are evident to all. Our budget focuses on taking [email protected] to [email protected] Last year, the budget saw significant implementation. With our provision for public investment in the last budget, this budget continues to provide a multiplier effect, which will benefit youth, farmers, SCs, STs, women and the poor,” says FM

Budget 2022: Public issue of LIC expected shortly, says FM

PLI in 14 sectors will create 60 lakh new jobs and additional production of Rs 30 lakh crore in next 5 years, says Nirmala Sitharaman

Budget 2022: India expecting 9.2% growth this fiscal, says FM

The government is focused on citizen-centric reforms and this Budget aims to reform the economy over the next 25 years: Sitharaman.


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Union Budget 2022 Highlights | Budget 2022 Highlights
Union Budget 2022 Highlights | Budget 2022 Highlights