A new provision is introduced to allow taxpayers to update the past return and include omitted income by additional tax payment. The updated return can be filed within two years from the end of the relevant assessment year.

Tax incentive period extended by one year for startups. Eligible Startups incorporated under Section 80-IAC will now get tax benefits until March 31, 2023.

Corporate surcharge to be reduced from 12% to 7%.

Alternate Minimum Tax (AMT) to be reduced to 15% for co-operative societies.

Income from transfer of digital assets such as crypto to be taxed at 30%. No deductions will be allowed except the cost of acquisition of digital assets. Loss on sale of digital assets cannot be set off against any other income. TDS at 1% will be levied above the threshold. Gifting of digital assets will also be taxable in the hands of the receiver.

To bring parity between Central and state government employees, the Finance Ministry proposed to increase the threshold of employers contribution to the National Pension Scheme (NPS) Tier-I account from 10% to 14%.

The parent/guardian of the differently-abled can get a tax deduction on payment of the annuity or lump sum during the lifetime of parent or guardian, once the parent or guardian has attained 60 years.

Any surcharge and cess levied on income are not allowed as business expenditure.

Brought forward loss cannot be set off against undisclosed income detected during any survey or search.

The record collection of Rs 1,38,394 crore gross GST revenues in January 2022 was the highest since GST inception.

Concessional customs duty on import of capital goods to be phased out, the initial rate of 7.5% to be imposed.

More than 350 exemptions on importing some agri products, chemicals, drugs, etc., will be phased out.

Duty concession on import of phone chargers, transformers, etc., enable domestic manufacturing.

Customs duty on imitation jewellery was raised to discourage their imports.

Duty on specified leather, packaging boxes reduced to incentivise exports.

Customs duty on cut and polished diamonds, gems to be reduced to 5%.

Customs duty exemption on steel scrap is being extended by a year to help MSMEs.

Customs duty on methanol to be reduced.

Levying additional excise duty at Rs.2 per litre on unblended fuel to encourage fuel blending.

A 6.4% fiscal deficit has been projected for India in FY23.

Revised fiscal deficit estimated at 6.9% of GDP.

States to get Rs 1 lakh crore as 50-year interest-free loans to help fund PM Gati Shakti-related investments.

The government’s effective capital expenditure is estimated at Rs 10.68 lakh crore in 2022-23, about 4.1% of GDP.

The outlay for capital expenditure to be stepped up sharply by 35.4% from Rs 4.54 lakh crore to Rs 7.50 lakh crore in 2022-23.

2 lakh Anganwadis to be upgraded for improving child health.

Two years of education regression for school going children means we need to double-up efforts and spending to bridge education gaps. NEP had advocated a 6% of GDP to be directed towards education. While we remain far short, the announcement of tech-based platforms ‘One class, one TV channel’ program of PM eVIDYA for school children and the establishment of a digital university were the need of the hour.

Digital university to set up for online education focusing on ICT using a hub and spoke model.

Select ITIs in all states that will offer skilling courses.

One class, one TV channel’ programme of PM eVIDYA will be expanded from 12 to 200 TV channels. This will enable all states to provide supplementary education in regional languages for classes 1 to 12.

Defence R&D to be opened up for industry and startups.

Startups will be promoted to facilitate ‘drone shakti’ to promote drone usage.

Government to promote funds for blended finance (government share limited to 20%) for sunrise opportunities such as climate action, agri-tech, etc.

Fund to be facilitated through NABARD to finance startups for agriculture and rural enterprise, relevant for farm produce value chain. Startups will support FPOs and provide tech to farmers.

Use of Kisan Drones to be promoted for crop assessment, digitisation of land records, spraying of insecticides and nutrients.

Procurement of wheat in Rabi season 2021-22 and the estimated procurement of paddy in Kharif season 2021-22 will give cover 1208 lakh metric tonnes of wheat & paddy from 163 lakh farmers with Rs 2.37 lakh crore will be the direct payment of MSP value to their accounts.

Delivery of hi-tech services for farmers to be launched.

MSP for farmers to be transferred directly into bank accounts.

Chemical-free natural farming to be promoted in India.

• These e-passports will take a few seconds to read.
• The prototype was tested in a US government identified laboratory.
• They are expected to have thicker front and back covers.
• The back cover is expected to have a small silicon chip.
• The chip will have 64 kilobytes of memory space.
• Holder’s photograph and fingerprints will be stored in the chip.
• Will have the capacity to store 30 visits.