Union Budget 2022 Highlights: No change in income tax slabs; RBI to launch India's own digital currency

By Rajan Nath -- February 01, 2022 8:27 am -- Updated:February 01, 2022 1:06 pm

Union Budget 2022 Highlights: Union Finance Minister Nirmala Sitharaman presented her the Union Budget 2022 in the Parliament on Tuesday. The 2022 budget session of Parliament started on Monday with the address by President Ram Nath Kovind to both Houses in the Central Hall.

During the 2022 Parliament budget session, Finance Minister Nirmala Sitharaman tabled this year's Economic Survey, which was centered around the theme of the "Agile approach." "The session is scheduled to conclude on April 8 wherein the first part of the session will extend up to February 11," said the Lok Sabha Secretariat on Sunday.

Also Read | Economic Survey projects 8-8.5 GDP growth for FY 2022-23

"There will be a break from February 12 to March 13 during which the Standing Committees will examine Demands-for-Grants of Ministries/Departments and prepare reports thereon. In all, there will be 29 sittings; ten in the first part and 19 in the second part," the Lok Sabha Secretariat's press release stated.

There will be no Zero Hour and Question Hour in both Houses of Parliament during the first two days of the Budget Session.

Also Read in Punjabi | RBI ਜਲਦ ਹੀ ਭਾਰਤ ਦੀ ਆਪਣੀ ਡਿਜੀਟਲ ਕਰੰਸੀ ਕਰੇਗਾ ਲਾਂਚ

Follow Union Budget 2022 Highlights here:

12:37 pm | Lok Sabha adjourned till tomorrow, 2nd February.

12:36 pm | Income tax rates were unchanged.

12:35 pm | Union Finance Minister Nirmala Sitharaman introduces Finance Bill 2022.

12:32 pm | Customs duty on cut & polished diamonds, gems to be reduced to 5%: Finance Minister Nirmala Sitharaman.

12:24 pm | The gross GST collections for the month of January 2022 are Rs 1,40,986 crores which is the highest since the inception of GST: Finance Minister Nirmala Sitharaman

12:19 pm | Corporate surcharge to be reduced from 12% to 7%:FM Nirmala Sitharaman.

12:17 pm | "I propose to provide that any income from transfer of any virtual digital asset shall be taxed at the rate of 30%. No deduction in respect of any expenditure or allowance shall be allowed while computing such income, except cost of acquisition": FM Nirmala Sitharaman.

12:16 pm | 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.

12:14 pm | 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: FM Nirmala Sitharaman

12:13 pm | 50 minutes into Budget 2022, Sensex up nearly 1,000 points.

12:10 pm | Data centres, energy storage systems to be included in harmonised list of infra sectors: Nirmala Sitharaman.

12:09 pm | 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 Sitharmaan: Nirmal Sitharaman.

12:07 pm | For 2022-23,allocation is Rs 1 lakh cr to assist the states in catalyzing overall investments in economy. These 50-yr interest-free loans are over&above normal borrowings allowed to states. It'll be used for PM Gati Shakti-related&other productive capital investments of states:FM

12:02 am | 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: FM Nirmala Sitharaman.

12:01 pm | To facilitate domestic manufacturing for ambitious goal of 280 GW of installed solar capacity by 2030, addl 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: FM says.

11:57 am | Effective Capital Expenditure of the Central Govt is estimated at Rs 10.68 lakh crores in 2022-23, about 4.1% of GDP: FM Nirmala Sitharaman.

11:55 am | FM announces auction of 5G spectrum in 2022. With this, India will join other countries around the world which have begun rolling of 5G services.

11:54 am | 50 minutes into Budget 2022, Sensex above 600 points.

11:53 am | Implementation of Ken Betwa Linking project at est. cost of Rs. 44,605 Cr. to be taken up with irrigation benefits to 9.0 lakh hectare farmland, drinking water to 62 lakh people, 103 MW hydropower. 27 MW solar power generation Rs 1400 crores allocated in 2022-23: FM says.

11:52 am | 68% of the capital procurement budget for Defence to be earmarked for domestic industry to promote Aatmanirbharta and reduce dependence on imports of defence equipment. This is up from the 58% last fiscal: FM Nirmala Sitharaman

11:51 am | To reduce the delay in payment, an online bill system to be launched which will be used by all Central ministries: FM Nirmala Sitharaman.

11:50 am | SEZ (Special Economic Zones) Act to be replaced with new legislation...for the development of enterprise and hubs... It will cover the existing industrial enclaves and enhance the competitiveness of exports: FM Nirmala Sitharaman.

11:48 am | Animation, Visual Effects, Gaming and Comics (AVGC) sector offers immense potential to employ youth. An AVGC promotion task force with all stakeholders will be set up to recommend ways to realise this and build domestic capacity for serving our markets and the global demand: FM says .

11:47 am | 45 minutes into Budget 2022, Sensex is up by 468 points, while Nifty is up by 209 points.

11:46 am | Markets rise 1.5% ahead of the budget presentation.

11:45 am | 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: FM Nirmala Sitharaman.

11:44 am | FM Nirmala Sitharaman says "Use of Kisan Drones to be promoted for crop assessment, digitization of land records, spraying of insecticides and nutrients."

11:43 am | To promote a shift to the use of public transport in urban areas...special mobility zones with zero fossil fuel policy to be introduced...Considering space constraints in urban areas, a 'Battery Swapping Policy' will be brought in: FM FM Nirmala Sitharaman.

11:42 am | 400 new generation Vande Bharat trains with better Energy Efficiency and passenger riding experience to be manufactured in next three years: FM Nirmala Sitharaman.

11:40 am | 2,000 km of rail network to be brought under the indigenous world-class technology KAWACH, for safety and capacity augmentation: FM Nirmala Sitharaman.

11:39 am | Emergency Credit Line Guarantee Scheme (ECLGS) will be extended up to March 2023, the guaranteed cover will be expanded by Rs 50,000 crores to total cover of Rs 5 lakh crores: FM Nirmala Sitharaman.

11:38 am | Issuance of E-passports will be ruled out in 2022-23 to enhance convenience for citizens: Finance Minister Nirmala Sitharaman.

11:37 am | The pandemic has accentuated mental health problems in people of all ages. To better the access to quality mental health counseling and care services, a National Tele Mental Health program will be launched: FM Nirmala Sitharaman.

11:34 am | PM development initiatives for North East will be implemented for the North Eastern Council... This will enable livelihood activities for youth and women... This scheme is not a substitute for the existing Centre or State schemes: FM Nirmala Sitharaman

11:33 am | FM Nirmala Sitharaman says  "An open platform for the National Digital Health Ecosystem will be rolled out. It will consist of digital registries of health providers and health facilities, unique health identity and universal access to health facilities."

11:32 am | Our govt has comprehensively revamped schemes of the Ministry of Women and Child Development such as Mission Shakti, Mission Vatsalya, Saksham Anganwadi and Poshan 2.0 to provide benefits: FM Nirmala Sitharaman.

11:31 am | A fund with blended capital raised under co-investment model facilitated through NABARD to finance startups in agriculture & rural enterprises for farm produce value chain: FM Sitharaman.

11:30 am | PM Gati Shakti Master Plan for Expressways to be formulated in 2022-23, to facilitate faster movement of people and goods. NH network to be expanded by 25,000 km in 2022-23. Rs. 20,000 crores to be mobilized to complement public resources: FM Nirmala Sitharaman.

11:29 am | 'One class, one TV channel' program 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: FM Nirmala Sitharaman

11:28 am | MSMEs such as Udyam,e-shram, NCS & Aseem portals will be interlinked,their scope will be widened... 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: FM-Budget 2022.

11:27 am | Metro rail systems across India to be standardised as per Indian 'condition and needs', says Sitharaman.

11:25 am | Chemical-free natural farming will be promoted throughout the country with a focus on farmers' land in 5 km wide corridors along the river Ganga, in the first stage: FM Nirmala Sitharaman.

11:23 am | 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& Rs 2.37 lakh crores will be the direct payment of MSP value to their accounts: FM Sitharaman.

11:19 am | Production Linked Incentive (PLI) Scheme for achieving Aatmanirbhar Bharat has received an excellent response, with potential to create 60 lakh new jobs and additional production of 30 lakh crore during next Keycap digit five years: FM Nirmala Sitharaman.

11:18 am | 00 new generation Vande Bharat trains with better efficiency to be brought in during the next 3 years; 100 PM Gati Shakti Cargo terminals to be developed during next 3 years and implementation of innovative ways for building metro systems...: FM Nirmala Sitharaman.

11:16 am | Moving forward on this parallel track, we lay the following four priorities - PM Gati Shakti, inclusive development, productivity enhancement and investment, sunrise opportunities, energy transition and climate action: FM Nirmala Sitharaman.

11:14 am | This 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: FM Nirmala Sitharaman.

11:12 am | There was a sharp increase in public investment & capital expenditure in Budget 2021-22...This Budget (2022-23) will benefit, youth, women, farmers, SC, ST; shall be guided by PM Gati Shakti master plan: Finance Minister Nirmala Sitharaman.

11:08 am | We are in the midst of the Omicron wave, the speed of our vaccination campaign has helped greatly. I am confident that ‘Sabka Prayaas’, we'll continue with strong growth: FM Sitharaman.

11:04 am | India's growth is estimated to be at 9.27%: Finance Minister Nirmala Sitharaman in Parliament.

11:01 am | Union Finance Minister Nirmala Sitharaman announces the Union Budget 2022 at the Parliament

10:40 am | "Our (economic) slowdown had been going even before the pandemic...the government doesn't understand the root of the problem": Amitabh Dubey (@dubeyamitabh), Member, on Budget 2022.

10:39 am | Union Cabinet approves the Budget 2022; the meeting underway at the Parliament has now concluded. Union Finance Minister Nirmala Sitharaman will present the Budget shortly.

10:37 am | Budget 2022 : Air travel to get more expensive!
Aviation Turbine Fuel price hiked by a steep 8.5% to record levels across the country.

10:35 am | The cabinet meeting at the Parliament has now concluded.

10:33 am | The government should come clearly about the budget for MSP...they should invest in the agriculture, so that we can contribute to the economy": Dr Darshan Pal (@DrDarshanPalKKU), President, Krantikari Kisan Union, on farmers' expectations from Budget 2022.

10:27 am | Prime Minister Narendra Modi arrives for the union cabinet meeting of Union Budget 2022 will be presented in the Parliament today.

10:25 am | Defence Minister Rajnath Singh, Union Home Minister Amit Shah, Railways, Communications and IT Minister Ashwini Vaishnaw, Parliamentary Affairs Minister Pralhad Joshi, and others arrive at the Parliament for the union cabinet meeting ahead of the presenting of the Budget.

10:23 am | Budget 2022 to be lot more growth-oriented: Kotak AMC's Nilesh Shah.

10:20 am | National Oil Marketing companies have reduced commercial 19-kg LPG cylinder cost by Rs 91.50 effective from today, 1st February. 19 kg commercial cylinder will cost Rs 1907 in Delhi from today: Budget 2022.

10:15 am | It is more important to pay attention to jobs and investments rather than disinvestment: Rajiv Desai.

10:12 am | It is more important to pay attention to jobs and investments rather than disinvestment: Rajiv Desai.

10:05 am | Union Finance Minister Nirmala Sitharaman arrives at the Parliament. She will present the Union Budget 2022.

10:00 am | A truck loaded with budget copies arrives at Parliament, ahead of the presentation of Union Budget 2022. 

09:42 am | Union Finance Minister Nirmala Sitharaman along with Ministers of State for Finance, Dr. Bhagwat Kishanrao Karad, Shri Pankaj Chaudhary, and senior officials of the Ministry of Finance, called on President Ram Nath Kovind before presenting the Union Budget 2022-23.

09:10 am | Finance Minister Nirmala Sitharaman arrives at Rashtrapati Bhavan, ahead of Union Budget 2022.

09:00 am | Union Finance Minister Nirmala Sitharaman leaves from the Ministry of Finance. She will present and read out the Budget 2022 at the Parliament through a tab, instead of the traditional 'bahi khata'.

08:47 am | Union Finance Minister Nirmala Sitharaman arrives at the Ministry of Finance. She will present the Budget 2022 today in Parliament.

08:44 am | MoS Finance Pankaj Chaudhary said that "Finance Minister Nirmala Sitharaman will present an inclusive budget, in line with each and every sectors' needs. It will be benefiting everyone... All sectors (including farmers) should have expectations from today's budget."

08:39 am | Union Finance Minister Nirmala Sitharaman arrives at the Ministry of Finance. She will present the Union Budget 2022 in Parliament.

08:30 am | MoS Finance Pankaj Chaudhary said that "Finance Minister Nirmala Sitharaman will present an inclusive budget, in line with each and every sectors' needs. It will be benefiting everyone...All sectors (including farmers) should have expectations from today's budget."

08:10 am | MoS Finance Pankaj Chaudhary and Bhagwat Karad arrive at the Ministry of Finance. Finance Minister Nirmala Sitharaman will present the Union Budget 2022 in Parliament.

08:00 am | MoS Finance Bhagwat Karad offered prayers at his residence ahead of the presenting of Union Budget 2022 in the Parliament. "PM Modi expects that every group - be it the ruling side of the Opposition - should sit together and listen to the presenting of the Budget and cooperate," he said.

-PTC News

  • Share