Economy :
1. Capex target expanded by 35.4 per cent — from Rs 5.54 lakh crore to Rs 7.50 lakh crore. FY23 effective capex seen at Rs 10.7 lakh crore
2. India’s growth highest among all major economies; we are now in a strong position to withstand challenges
3. The goal is complementing macro-growth with micro-all-inclusive welfare, digital economy and fintech, tech-enabled development, energy transition and climate action
4. ECLGS cover expanded by Rs 50,000 to Rs 5 lakh crore
5. Top focus of the budget this year are: PM Gati Shakti, Inclusive Development, Productivity Enhancement, Sunrise Opportunities, Energy Transition, Climate Action, Financing of investments.
Insurance :
General insurers to launch surety insurance in India. Surety insurance aims to protect parties from financial loss arising out of payment defaults.
Simply put, if an entity or an individual fails to honour debt obligation due to default, insurance company will underwrite such a financial loss.
Taxes:
1. Surcharge on long-term capital gains capped at 15%, down from up to 37% earlier.
2. Loss cannot be set off from any other income.
3. Updated return can be filed within 2 years from the end of the relevant assessment year.
4. Alternate Minimum Tax for cooperative societies to be cut to 15%
5. Proposal will reduce surcharge on cooperative societies to 7%, for those whose income is between Rs 1 crore and Rs 10 crore.
Travel :
1. ePassports will be rolled out in 2022-23 for convenience in overseas travel.
2. E-passport with embedded chip will be rolled out.
Key Notes Below :
Budget Speech: ( Read More )
Economic Survey: ( Read More )
Finance Bill: ( Read More )
Key Features of Budget: ( Read More )
Key To Budget Documents: ( Read More )
Memorandum Explaining the Provisions in the Financial Bill: ( Read More )
