The Institute of Chartered Accountants of India (ICAI), Southern India Region council, Chairman, K. Jalapathy is happy about the various announcements made in the union budget.
Coimbatore: The Institute of Chartered Accountants of India (ICAI), Southern India Region council, Chairman, K. Jalapathy said, "Various announcements in the Union Budget are welcomed. Some of the highlighting points are:
1. 25,000 KM New Roads Proposed
2. 60 lakh new Job creation Proposed
3. PPP model for Railway Development
4. Plan to connect 5 Rivers
5. ECLGC to be extended 50K crores funds
6. Additional Aid for MSME Rs.2 lacs crores
7. Core Banking Services in 1.5 lac Post offices
8. 75 digital banking units in 75 district
9. E Passports with smart chips proposed
10. E bill for early and transparent payment for contractors and suppliers for central ministry
11. Land registry- One nation-one registration
12. Encouragement to organic farming 19,500 Crores for manufacturing PV Solar
13. 5G mobile service to Rollout in 22-23
14. Central bank digital currency - digital Rupee using block chain to be issued by RBI in 22-23
15. New Updated Returns
16. To rectify omissions updated returns with additional tax payment within 2 years can be filled
17. MAT for cooperative @15% from current 18.5
18. Surcharge on co-operative to reduce 12% from 17% income 1 crores to 10 crores
19. Startup incorporated till 31.3. 23 will be benefited as the scheme extended by one more year
20. Virtual digital Assets - income from transfer shall be 30% no deductions except cost of acquisition
21. Gift of virtual digital asset to be taxed in hands of recipient
22. No set off any loss against income detected in search. " he said.
The union budget 2022 has received mixed reactions from various quarters. The Institute of Chartered Accountants of India (ICAI) is a happy lot.
1. 25,000 KM New Roads Proposed
2. 60 lakh new Job creation Proposed
3. PPP model for Railway Development
4. Plan to connect 5 Rivers
5. ECLGC to be extended 50K crores funds
6. Additional Aid for MSME Rs.2 lacs crores
7. Core Banking Services in 1.5 lac Post offices
8. 75 digital banking units in 75 district
9. E Passports with smart chips proposed
10. E bill for early and transparent payment for contractors and suppliers for central ministry
11. Land registry- One nation-one registration
12. Encouragement to organic farming 19,500 Crores for manufacturing PV Solar
13. 5G mobile service to Rollout in 22-23
14. Central bank digital currency - digital Rupee using block chain to be issued by RBI in 22-23
15. New Updated Returns
16. To rectify omissions updated returns with additional tax payment within 2 years can be filled
17. MAT for cooperative @15% from current 18.5
18. Surcharge on co-operative to reduce 12% from 17% income 1 crores to 10 crores
19. Startup incorporated till 31.3. 23 will be benefited as the scheme extended by one more year
20. Virtual digital Assets - income from transfer shall be 30% no deductions except cost of acquisition
21. Gift of virtual digital asset to be taxed in hands of recipient
22. No set off any loss against income detected in search. " he said.
The union budget 2022 has received mixed reactions from various quarters. The Institute of Chartered Accountants of India (ICAI) is a happy lot.