New Delhi, Mar 16 (IANS): Showing a lot of resilience, India's economy bounced back from the negative effect of the pandemic, which reflected the country's strength. In this year's Union Budget there was a glimpse of how India will be after 100 years of Independence.
For the first time, the public capital expenditure increased sharply by 35.4 per cent to Rs 7.50 lakh crore in 2022-23 from Rs 5.54 lakh crore in 2021-22. Such a significant increase implies that the government will spend more money on infrastructure related to rail, road, air and waterways, among other things. It also indicates that the government will spend more money on infrastructure related to rail, road, air, and waterways, among other things.
The government also intends to spend more money to improve and promote research, technology, and the service sector. This will necessitate a significant investment.
Tax relief for the differently abled has been proposed. When the parent or guardian reaches the age of 60, the handicapped will be able to receive a lump sum payment for the rest of their lives.
The scope of tax exemption for the government employees in the National Pension System (NPS) has been expanded. The state governments have decided to increase the tax deduction on NPS contributions for employees from 10 per cent to 14 per cent. Central government employees get tax relief of up to 14 per cent on their contribution to NPS.
Digital assets, such as cryptocurrency, will now be taxed as well. This income will be taxed at a rate of 30 per cent. Every digital asset transaction, on the other hand, will be subject to a 1 per cent tax deducted at source.
This is the second year in a row that no new taxes have been imposed on taxpayers. In contrast, they have been given the facility to update the returns up to two years before the end of the assessment year.
In addition, donations made under 80G for the reconstruction of religious structures will now be exempted from income tax. Previously, this exemption was only available for new construction.
The central government's priority is a safe environment, as well as overall development. As a result, the Sovereign Green Bond was announced to encourage investment in projects such as renewable energy, electric vehicles and batteries. These will be issued by the Reserve Bank of India.