Know Key Highlights and the Blockbuster Announcement of Union Budget 2022
On February 1, 2022, Honourable Finance Minister Nirmala Sitharaman presented the Union Budget for 20 22-23, announcing it to be the roadmap for the next 25 years of the new age India. The aim of this budget is to focus on accelerating India's recovery from the shock of the pandemic and strengthening the country's health care system to prevent future outbreaks. The finance budget 2022 makes the following estimates:
Other than a few key-highlights, the Union Budget 2022 was quite straightforward mostly entailing procedural changes. Some such highlights are as follows:
The blockbuster of the Union Budget 2022 was the acknowledgement of the existence of Virtual Digital Assets by making the following propositions:
Amendments proposed in Finance Bill 2022 to implement the above propositions surrounding taxation of cryptocurrency and virtual digital assets:
Understand the intricacies of the new provisions or amendments in existing provisions, proposed in Finance Bill 2022 under Direct Taxes (Domestic Tax and International Tax), Indirect Taxes (Custom, Excise, GST), Crypto Currency, Agriculture Sector, Startups Scheme, MSME Scheme, and other sectors at your fingertips with Master Brains.
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