Income tax slabs are kept unchanged by the government. Union budget 2022 is presented by Finance Minister Nirmala Sitharaman. We make great efforts to provide a suitable environment for the middle class. Ms. Sitharaman said this budget wishes to be the best step for the development of the nation. Since the outbreak of the pandemic, this was the sixth budget session in January 2022. On February 1, 2022, India’s Budget 2022 will be presented to Parliament. After the pandemic’s impact, the Union Budget is projected to put the economy on a faster growth path. Amendments to the tax code to promote long-term growth, infrastructure investment, a focus on R&D spending, nurturing incentives for core sectors such as manufacturing and services, and leveraging the vast experience of running captive centers are among the top priorities on the government’s agenda as it prepares to unveil the budget.
Union Budget 2022 | New Corporate Taxes | Taxkundali
The Union Budget 2022 keeps the government promises of generating employment, fueling growth, and achieving the goals of inclusive development. The fourth budget was introduced this year by Finance minister Nirmala Sitharaman on 2nd February 2022. The government set a target for every sector so that one could not suffer. One of the big announcements includes a 30 percent tax on the transfer of digital assets. A new digital asset will be introduced by the Reserve Bank of India using blockchain technology. The Finance Minister presents the budget every year. The journey of the government towards the India focus on the pillars, that are: –
Nirmala Sitaraman Announce New Budget
- Pm Gati Shakti.
- Productivity enhancement.
- Financing of investments.
- 5G Connectivity
- New Corporate Tax
- New Health Tax
- Cryptocurrency Tax
Infrastructure Budget 2022
The main focus of the budget this year is expected to be on speeding up the recovery of India from the pandemic situation. As well as preparing the country to be stronger by focusing on the health care system so that we can secure lives and handle the situation.
New Corporate Taxes & No Changes in IT Slab
The budget presented on 2nd February has stated that the newly Incorporated manufacturing units can have a concessional 15 percent corporate tax rate for one more year till March 2024. New corporate taxes involve many statements. The government said that the new domestic company or the companies after October 1st, 2019 doing fresh investment in manufacturing, will be facilitated with an option to pay income-tax at the rate of 15 percent if they started their production before 31st March 2023. Finance Minister Nirmala Sitharaman mentioned that digital currency will be a more efficient and cheaper currency management system.
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