THE

BUDGET
2022–23
with GST, Custom & Excise Notifications

CA Raman Singla
B.Com (H), LL.B, FCA

®
Published by
Young Global Publications
Price: Book Store:
B-4, Basement,
February 2022 Edition
Vandhana Building,
Sales & Marketing: 11, Tolstoy Marg,
D-22, Ganesh Nagar, New Delhi - 110 001
Pandav Nagar Complex, Ph.: 011-23324142/53, 41824268
Delhi - 110 092
Published by:
Phone: +91-11-22486290
Young Global Publications
Website: www.youngglobals.com
E-mail: info@youngglobals.in

Disclaimer
Every effort has been made to avoid errors or omissions in this publication. In spite of this, errors may creep in. It
is notified that neither the publisher nor the author or seller will be responsible for any damage or loss of action to
any one, of any kind, in any manner, therefrom. It is suggested that to avoid any doubt the reader should cross-check
all the facts, law and contents of the publication with original government publication or notification and consult
tax consultant/legal expert before framing any opinion.
No part of this book may be reproduced or copied in any form or by any means (graphic, electronic or mechanical,
including photocopying, recording, taping or information retrieval systems) or reproduced on any disc, tape,
perforated media or other information storage device, etc., without the written permission of the publishers.
Breach of this condition is liable for legal action.
For binding mistake, misprints or for missing pages etc. the publisher’s liability is limited to replacement within
one month of purchase by similar edition. All expenses in this connection are to be borne by the purchaser.
All disputes are subject to Delhi Jurisdiction only.
 CONTENT

Budget at a Glance............................................................................................. iv
Receipts...................................................................................................................v
Budget Tax Tables.............................................................................................. vii

Speech of Nirmala Sitharaman, Finance Minister

  (Budget 2022-23)�����������������������������������������������������������������������������������A-1
The Finance Bill, 2022������������������������������������������������������������������������������������ B-1
Provisions relating to Direct Taxes & Related Laws����������������������������� C-1
   Amendments in the Customs ��������������������������������������������������������C-81
  Excise �������������������������������������������������������������������������������������������������������C-97
   Goods and Service Tax ������������������������������������������������������������������� C-100
Custom Nofitications............................................................................................
GST Nofitications....................................................................................................
Excise Nofitications................................................................................................

The Budget 2022 — Young Global Publications iii

 ¤ÉVÉ] BÉEÉ ºÉÉ® Budget at a Glance
(` BÉE®Éä½) (In ` crore)
2019-2020 2020-2021 2020-2021 2021-2022
´ÉɺiÉÉÊ´ÉBÉE ¤ÉVÉ] ºÉƶÉÉäÉÊvÉiÉ ¤ÉVÉ]
+ÉxÉÖàÉÉxÉ +ÉxÉÖàÉÉxÉ +ÉxÉÖàÉÉxÉ
Actuals Budget Revised Budget
Estimates Estimates Estimates
1. ®ÉVɺ´É |ÉÉÉÎ{iɪÉÉÆ 1. Revenue Receipts 1684059 2020926 1555153 1788424
2. BÉE® ®ÉVɺ´É 2. Tax Revenue
(BÉäÆEp BÉEÉä ÉÊxÉ´ÉãÉ ) (Net to Centre) 1356902 1635909 1344501 1545396
3. BÉE®-ÉÊ£ÉxxÉ ®ÉVɺ´É 3. Non Tax Revenue 327157 385017 210652 243028

4. {ÉÚÆVÉÉÒ |ÉÉÉÎ{iɪÉÉÆ 4. Capital Receipts 1002271 1021304 1895152 1694812

5. jÉ@hÉÉå BÉEÉÒ ´ÉºÉÚãÉÉÒ 5. Recovery of Loans 18316 14967 14497 13000
6. +ÉxªÉ |ÉÉÉÎ{iɪÉÉÆ 6. Other Receipts 50304 210000 32000 175000
7. =vÉÉ® +ÉÉè® +ÉxªÉ 7. Borrowings and Other
näªÉiÉÉAÆ 1 Liabilities1 933651 796337 1848655 1506812

8. BÉÖEãÉ |ÉÉÉÎ{iɪÉÉÆ (1¨4) 8. Total Receipts (1+4) 2686330 3042230 3450305 3483236

9. BÉÖEãÉ ´ªÉªÉ (10¨13) 9. Total Expenditure (10+13) 2686330 3042230 3450305 3483236
10. ®ÉVɺ´É JÉÉiÉä {É® 10. On Revenue Account 2350604 2630145 3011142 2929000
ÉÊVɺÉàÉå ºÉä of which
11. ¤ªÉÉVÉ £ÉÖMÉiÉÉxÉ 11. Interest Payments 612070 708203 692900 809701
12. {ÉÚÆVÉÉÒ {ÉÉÊ®ºÉÆ{ÉÉÊkɪÉÉå BÉäE ºÉßVÉxÉ 12. Grants in Aid for creation 185641 206500 230376 219112
cäiÉÖ ºÉcɪÉiÉÉ +ÉxÉÖnÉxÉ of capital assests
13. {ÉÚÆVÉÉÒ JÉÉiÉä {É® 13. On Capital Account 335726 412085 439163 554236

14. ®ÉVɺ´É PÉÉ]É (10-1) 14. Revenue Deficit (10-1) 666545 609219 1455989 1140576
(3.3) (2.7) (7.5) (5.1)
15. |É£ÉÉ´ÉÉÒ ®ÉVɺ´É PÉÉ]É 15. Effective Revenue Deficit 480904 402719 1225613 921464
(14-12) (14-12) (2.4) (1.8) (6.3) (4.1)
16. ®ÉVÉBÉEÉäKÉÉÒªÉ PÉÉ]É 16. Fiscal Deficit 933651 796337 1848655 1506812
[9-(1¨5¨6)] [9-(1+5+6)] (4.6) (3.5) (9.5) (6.8)
17. |ÉÉlÉÉÊàÉBÉE PÉÉ]É (16-11) 17. Primary Deficit (16-11) 321581 88134 1155755 697111
(1.6) (0.4) (5.9) (3.1)

1
<ºÉºÉä xÉMÉnÉÒ ¶ÉäKÉ àÉå +ÉÉc®hÉ uÉ®É BÉEàÉÉÒ ¶ÉÉÉÊàÉãÉ cè*
ÉÊ]{{ÉhÉÉÒ :
(?) 2020-2021 BÉäE ºÉƶÉÉäÉÊvÉiÉ +ÉxÉÖàÉÉxÉ àÉå `19481975 BÉE®Éä½ BÉäE +ÉxÉÖàÉÉÉÊxÉiÉ ºÉPÉ= BÉEÉÒ iÉÖãÉxÉÉ àÉå 14.4± BÉEÉÒ ´ÉßÉÊr n® àÉÉxÉiÉä cÖA 2021-2022 BÉäE ¤ÉVÉ]
+ÉxÉÖàÉÉxÉ àÉå ºÉPÉ= ¤É¸BÉE® `22287379 BÉE®Éä½ cÉäxÉä BÉEÉ {ÉÚ´ÉÉÇxÉÖàÉÉxÉ cè
(??) <ºÉ nºiÉÉ´ÉäVÉ BÉEÉÒ {ÉßlÉBÉE -{ÉßlÉBÉE àÉnå {ÉÚhÉÉÈBÉExÉ BÉäE BÉEÉ®hÉ ºÉƣɴÉiÉ& VÉÉä½ ºÉä àÉäãÉ xÉ JÉÉAÆ
(???) BÉEÉäK~BÉE àÉå ÉÊnªÉå MÉA +ÉÉÆBÉE½ä ºÉPÉ= BÉäE |ÉÉÊiɶÉiÉ BÉäE °ô{É àÉå cè
1
Includes drawdown of cash Balance.
Notes:
(i) GDP for BE 2021-2022 has been projected at `22287379 crore assuming 14.4% growth over the estimated GDP
of `19481975 crore for 2020-2021 (RE).
(ii) Individual items in this document may not sum up to the totals due to rounding off
(iii) Figures in parenthesis are as a percentage of GDP

iv The Budget 2022 — Young Global Publications

 6

|ÉÉÉÎ{iɪÉÉÆ Receipts
(` BÉE®Éä½) (In ` crore)
2019-20 2020-2021 2020-2021 2021-22
´ÉɺiÉÉÊ´ÉBÉE ¤ÉVÉ] ºÉƶÉÉäÉÊvÉiÉ ¤ÉVÉ]
+ÉxÉÖàÉÉxÉ +ÉxÉÖàÉÉxÉ +ÉxÉÖàÉÉxÉ
Actuals Budget Revised Budget
Estimates Estimates Estimates
®ÉVɺ´É |ÉÉÉÎ{iɪÉÉÆ REVENUE RECEIPTS
1. BÉE® ®ÉVɺ´É 1. Tax Revenue
ºÉBÉEãÉ BÉE®-®ÉVɺ´É Gross Tax Revenue 2010059 2423020 1900280 2217059
BÉE. ÉÊxÉMÉàÉ BÉE® a. Corporation Tax 556876 681000 446000 547000
JÉ. +ÉÉªÉ {É® BÉE® b. Taxes on Income 492654 638000 459000 561000
MÉ. vÉxÉ BÉE® c. Wealth Tax 20 .. .. ..
PÉ. ºÉÉÒàÉÉ ¶ÉÖãBÉE d. Customs 109283 138000 112000 136000
b. BÉäExpÉÒªÉ =i{ÉÉn ¶ÉÖãBÉE e. Union Excise Duties 240615 267000 361000 335000
SÉ. ºÉä´ÉÉ BÉE® f. Service Tax 6029 1020 1400 1000
U. VÉÉÒAºÉ]ÉÒ g. GST 598750 690500 515100 630000
- BÉäÆEpÉÒªÉ VÉÉÒAºÉ]ÉÒ - CGST 494072 580000 431000 530000
- +ÉÉ<VÉÉÒAºÉ]ÉÒ - IGST 9125 .. .. ..
- VÉÉÒAºÉ]ÉÒ FÉÉÊiÉ{ÉÚÉiÊ ÉÇ ={ÉBÉE® - GST Compensation Cess 95553 110500 84100 100000
VÉ. ºÉÆPÉ ®ÉVªÉ FÉäjÉÉå {É® BÉE® h. Taxes of Union Territories 5835 7500 5780 7059
PÉ]É<A -®ÉK]ÅÉÒªÉ +ÉÉ{ÉnÉ Less - NCCD transferred to
+ÉÉBÉEÉκàÉBÉEiÉÉ ÉÊxÉÉÊvÉ/®ÉK]ÅÉÒªÉ the NCCF/NDRF 2480 2930 5820 6100
+ÉÉ{ÉnÉ +ÉxÉÖÉÊ#ÉEªÉÉ ÉÊxÉÉÊvÉ BÉEÉä
+ÉÆiÉÉÊ®iÉ AxɺÉÉÒºÉÉÒbÉÒ

PÉ]É<A-®ÉVªÉÉå BÉEÉ ÉÊcººÉÉ Less - State’s share 650678 784181 549959 665563
1BÉE BÉäÆEp BÉEÉ ÉÊxÉ´ÉãÉ BÉE® 1a Centre’s Net Tax
®ÉVɺ´É Revenue 1356902 1635909 1344501 1545397
2. BÉE®-ÉÊ£ÉxxÉ ®ÉVɺ´É 2. Non-Tax Revenue 327157 385017 210653 243028
¤ªÉÉVÉ |ÉÉÉÎ{iɪÉÉÆ Interest receipts 12349 11042 14005 11541
ãÉÉ£ÉÉÆ¶É +ÉÉè® ãÉÉ£É Dividends and Profits 186132 155396 96544 103538
ÉÊ´Énä¶ÉÉÒ +ÉxÉÖnÉxÉ External Grants 373 812 1422 747
+ÉxªÉ BÉE®-ÉÊ£ÉxxÉ ®ÉVɺ´É Other Non Tax Revenue 126540 215465 96602 124671
ºÉÆPÉ ®ÉVªÉ FÉäjÉÉå BÉEÉÒ Receipts of Union Territories 1762 2303 2081 2531
|ÉÉÉÎ{iɪÉÉÆ
BÉÖEãÉ ®ÉVɺ´É |ÉÉÉÎ{iɪÉÉÆ (1BÉE¨2) Total- Revenue Receipts (1a + 2) 1684059 2020926 1555153 1788424

3. {ÉÚÆVÉÉÒ |ÉÉÉÎ{iɪÉÉÆ 3. CAPITAL RECEIPTS

BÉE. jÉ@hÉ-ÉÊ£ÉxxÉ |ÉÉÉÎ{iɪÉÉÆ A. Non-debt Receipts 68620 224967 46497 188000
(?) jÉ@hÉÉå +ÉÉè® +ÉÉÊOÉàÉÉå BÉEÉÒ (i) Recoveries of loans
´ÉºÉÚÉÊãɪÉÉÆ@ and advances@ 18316 14967 14497 13000
(??) ÉÊ´ÉÉÊxÉ´Éä¶É |ÉÉÉÎ{iɪÉÉÆ (ii) Disinvestment Receipts 50304 210000 32000 175000
JÉ. jÉ@hÉ |ÉÉÉÎ{iɪÉÉÆ * B. Debt Receipts* 928680 849340 1866013 1435428
VÉÉä½ {ÉÚÆVÉÉÒMÉiÉ |ÉÉÉÎ{iɪÉÉÆ (BÉE¨JÉ) Total Capital Receipts (A+B) 997301 1074306 1912510 1623428

4. xÉBÉEnÉÒ ¶ÉäKÉ BÉEÉ BÉEàÉ 4. Draw-Down of

+ÉÉc®hÉ Cash Balance 4970 -53003 -17358 71383
VÉÉä½ |ÉÉÉÎ{iɪÉÉÆ (1BÉE¨2¨3) Total Receipts (1a+2+3) 2681360 3095233 3467663 3411853

* |ÉÉÉÎ{iɪÉÉÆ £ÉÖMÉiÉÉxÉ PÉ]ÉBÉE® cé*

@ <ºÉàÉå +Éã{ÉÉ´ÉÉÊvÉBÉE jÉ@hÉ A´ÉÆ +ÉÉÊOÉàÉ BÉEÉÒ ´ÉºÉÚãÉÉÒ ¶ÉÉÉÊàÉãÉ xÉcÉÓ cè*
* The receipts are net of payment.
@ Excludes recoveries of short term loans and advances.

The Budget 2022 — Young Global Publications v


Published by
YOUNG GLOBAL PUBLICATIONS
B-4, Basement, Vandhana Building,
11, Tolstoy Marg, New Delhi - 110 001
Phone: +91-11-41824268, 23324142
E-mail: info@youngglobals.com
Website: www.bookskhoj.com
the Author
a Fellow member
d holds Master’s-
as more than a
ations in Indirect
& Excise laws) at
e is a tech-savvy
eted Advanced
g this he learned
fice. He has also
rmation Systems
g this he learned
heir controls. He has also successfully
ourse on Valuation” and “Certificate
om ICAI. He has recently completed
from ICAI. He also runs website
d to Goods & Service Tax. He
dates since 2015 to 7000+ peoples.
RC VAT Research Study Group
layed a pivot role in convincingequalisation
AT Audit. He was a member
y Group for year 2014. He is also a former
b –Noida”. He was also associated
Return Preparers (TRP’s) in 2012.
almost all students passed whichdefined werein the law from practical prospective,
visiting faculty with NIRC-ICAI
GMCS. Here he trained CA students
tion & communication skills. His articles
ous magazines & newspapers
een panellist on discussions of GSTBesides
evision Channels. He is also speaker
d deliberated many seminars.
01
2 Website: www.bookskhoj.com
9 788193
OUR LATEST PUBLICATIONS
®
Thoroughly Revised Edition
TaxGuru Edu Courses
GST
YOUNG GLOBAL’s Complete Analysis on
Online Certification Courses
Online Certification Course on Income Tax by TaxGuru Edu YOUNG GLOBAL’s
Online GST Certification Course by TaxGuru Edu
VOLUME
Pendrive Certification Courses
Latest GST Certification Course on Pen-drive by TaxGuru Edu
I
CA. Raman Singla
Center Learning Certification Courses B.Com (H), L.L.B, FCA
GST
Complete Analysis on
Hyderabad Chennai Delhi Ahmedabad Bangalore Mumbai
February Pallavi Singla
Thoroughly Revised Edition
logon to www.taxguruedu.com
2021
Edition
RESIDENTIAL MANAGEMENT DEVELOPMENT PROGRAMS
Devalaya Advisory is organising Residential Management Development Programs accross India. ®
These programmes are suitable for Senior and Middle Level Executives of Public and Private Sector,
YOUNG GLOBAL’S




October
2019
Government Departments, Autonomous Bodies, Banks, Financial Institutions, Insurance Companies
Edition
CA. Raman Singla
B.Com (H), L.L.B, FCA
Pallavi Singla
and Multinationals, Cost Accountants, Chartered Accountants and Company Secretaries. Thoroughly Revised Edition
GST
Complete Analysis on
Program Topics
► Goods and Services Tax (GST) ► Recent Trends in Financial Management Section Wise Commentary
► Contracts and their Management ► Finance for Non Finance Executives
9810624977 - anuj 9810801980 - satinder
Recent GST Council Meet
TS
► Ind AS and IFRS ► Financial Modelling using Excel Tax Planning at relevant places
HIGHLIGH
► Advance Tax, TDS and Tax Planning ► Transforming Business through Artificial Intelligence
► Risk Based Internal Audit ► Building Successful Team and Leadership Accounting Related Aspects
Detailed Analysis with Case Laws & Illustrations
www.devalyaadvisory.com Detailed Analysis of GST Annual Return and Audit
VOLUME I GST Effective Tariffs on Goods and Services
Tables and Charts for quick and easy reference
CA. Raman Singla Sector Specific Analysis on Important Sectors
Summary of Entire GST Law
Pallavi Singla Detailed coverage for amendments
Price `4995
Special Focus on Sabka Vishwas Scheme’ 2019
Set of 3 Volumes NOVEMBER 2019
About the Author
®
&N
YOUNG GLOBAL’s
CA Abhishek Raja is a Fellow member
N
S
of ICAI and a hold Master’s-Degree O
K
AL TIO
in Commerce. He has completed O
“Diploma in Information Systems Audit” BO
(DISA) from ICAI. He has also successfully 1ST
S
E
completed “Certification Course on A’
P IGA T
Valuation” and “Certificate Course DI d!
IN ea
APPEALS & LITIGATION IN GST
on Indirect Taxes” from ICAI. He has Ah
P
recently completed “Certificate Course ap
m
A IT GS
on GST” from ICAI. He also runs website www.GSTpanacea. ad
com dedicated to Goods & Service Tax. He was Deputy Ro
&
L N
Convenor for NIRC VAT Research Study Group for year
ils
2012. He was a member for NIRC Company Law Research
ava
Tr
I
Study Group for year 2014. He is also a former member
ts
of “Toastmasters Club –Noida”. He was also associated ,i
pt
with NIIT-Taxmann in training Tax Return Preparers (TRP’s)
n ce
Co
in 2012. He was also visiting faculty with NIRC-ICAI for their
Orientation Programmes & GMCS. His articles have been
published in various magazines & newspapers. He has also
been panellist on discussions of GST on All India Radio (AIR-
FM) and Television Channels. He is also speaker on VAT, Detailed Procedure & Forms
Service Tax and GST and deliberated many seminars.
More than 50 FAQ’s
Special chapter on Advance Rulings
Published by Summary of Annual Return
YOUNG GLOBAL PUBLICATIONS
B-4, Basement, Vandhana Building,
Summary of GST Audit
11, Tolstoy Marg, New Delhi - 110 001
Phone: +91-11-41824268, 23324142
E-mail: info@youngglobals.com
9 788193 788950
Abhishek Raja “Ram”
FCA, DISA (ICAI), M. Com (F&T)
Website: www.bookskhoj.com Price `595 www.GSTpanacea.com
February
About the Book
®
®
®
191
2021 Young Global’s Young Global’s Digital Construction Management
YOUNG GLOBAL’s
Fourth Edition of the book “DNA of TDS & TCS (including Withholding Tax, Advance Tax YOUNG GLOBAL’s 192A 196
THE INSOLVENCY
THE INSOLVENCY AND BANKRUPTCY CODE, 2016 WITH RULES & REGULATIONS
205
AND BANKRUPTCY CODE, 2016
and Equalisation Levy)” is thoroughly updated & revised edition and it provide detailed
194B 190
nanoscopic analysis of provisions of TDS ,TCS, advance tax and newly inserted equalisation
levy and having dedicated separate chapters for every topic. It is divided into three parts, YOUNG GLOBAL’s 271C
195
234E
Part A consist of ready Reckoner for day to day compliance of work related to TDS & [31 of 2016, Dated 28-05-2016]
(Including Withholding Tax, Advance Tax and Equalisation Levy under Income Tax Law)
TCS, equalisation levy and advance tax. Part B consists of dedicated separate chapters 205 [As Amended by Insolvency and Bankruptcy Code (Amendment) Act, 2019
explaining in details provisions of TDS & TCS, advance tax and equalisation levy and Part (26 of 2019), Dated 5-08-2019, W.e.f. 16-08-2019] & IBC (Amendment)
C consist of appendices containing extract of law and regulations related to TDS, TCS, Ordinance, 2019, Dt 28-12-2019
2022
advance tax and equalisation levy.
Incorporating
DNA
Highlights of Fourth Edition edition
• Insolvency and Bankruptcy Board Of India (Annual Report) Rules, 2018
 Updated “Ready Reckoner portion” • Insolvency and Bankruptcy (Application To Adjudicating Authority For Bankruptcy Process For
of
of TDS & TCS
Personal Guarantors To Corporate Debtors) Rules, 2019
 All the chapters have been updated based on important judicial precedence, circulars,
• Insolvency And Bankruptcy (Application To Adjudicating Authority For Insolvency Resolution
notifications as well provisions of Finance Act 2018. Process For Personal Guarantors To Corporate Debtors) Rules, 2019
www.
DNA
 Major changes in the taxation of individual by Finance Act 2018 and accordingly • Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016
has
TDS & TCS
salary chapter has been updated for deducting tax for the FY 2018-19. • Insolvency and Bankruptcy Board Of India (Form of Annual Statement of Accounts) Rules, 2018
 All the He
appendix has been duly updated • Insolvency and Bankruptcy (Insolvency And Liquidation Proceedings of Financial Service
Providers And Application To Adjudicating Authority) Rules, 2019
 for year analysis of every type of transactions subject
Detailed HANDBOOK ON
to TDS, TCS, Advance tax and • Companies (Registered Valuers and Valuation) Rules, 2017
Delhi levy,
 forAuthor’s
NIRC comments wherever considered necessary, INPUT TAX (Including Withholding Tax, Advance Tax and
• IBBI ((Salary, Allowances And Other Terms And Conditions of Service of Chairperson And
Members) Rules, 2016
 Examples to explain the provisions of law along with full support of judicial precedents,
CREDIT IN GST Equalisation Levy under Income Tax Law) • IBBI (Medical Facility To Chairperson And Whole -Time Members) Scheme Rules, 2019
 Practical approaches for all TDS, TCS and Advance tax. • Insolvency and Bankruptcy Board of India (Advisory Committee) Regulations, 2017
with in Appendix-II for day to day compliance. • IBBI (Bankruptcy Process For Personal Guarantors To Corporate Debtors) Regulations, 2019
 Templates
Here chapters for definition and interpretations
 Separate
(Eligibility, Manner &
of terms used but not otherwise
• Insolvency and Bankruptcy Board Of India (Employees’ Service) Regulations, 2017
Procedures) CA. P. P. SINGH
• Insolvency and Bankruptcy Board of India (Engagement Of Research Associates And
Consultants) Regulations, 2017
 for their chapters for Chargeability of TDS, failure and consequences, prosecution
Separate
B.Sc. (Hons.), FCA, CS
• IBBI (Fast Track Insolvency Resolution Process For Corporate Persons) Regulations, 2017
on
proceedings and compounding, disallowance for non deduction of TDS as well as • Insolvency and Bankruptcy Board Of India (Grievance And Complaint Handling Procedure)
Regulations, 2017
survey by income tax department under TDS,
• Insolvency and Bankruptcy Board Of India (Information Utilities) Regulations, 2017
 Separate chapters for TDS and tax audit, refund of TDS/TCS and FAQ related to TDS/
both in • Insolvency and Bankruptcy Board Of India (Insolvency Professionals) Regulations, 2016
TCS,
on All TDS & TCS, the book also cover separate chapter for Advance Tax and • Insolvency and Bankruptcy Board Of India (Insolvency Professional Agencies) Regulations, 2016
Contains +50 FAQs
on
equalisation levy.
• Insolvency and Bankruptcy Board Of India (Insolvency Resolution Process For Corporate
CA. Abhishek Raja “Ram”
Persons) Regulations, 2016
Contains Examples • IBBI (Insolvency Resolution Process For Personal Guarantors To Corporate Debtors) Regulations,
2019
FCA, DISA (ICAI), M. Com (F&T)
Published by Contains Relevant Case • Insolvency and Bankruptcy Board Of India (Liquidation Process) Regulations, 2017
Price : ` 750
YOUNG GLOBAL PUBLICATIONS Laws of AAR, AAAR, High Along with • Insolvency and Bankruptcy Board Of India (Mechanism For Issuing Regulations) Regulations,
Court & Supreme Court Team GST Panacea Young Global Publication 2017
B-4, Basement, Vandhana Building, B-4, Basement, Vandhana Building, 11, Tolstoy Marg, New Delhi - 110 001 • IBBI (Model Bye-Laws And Governing Board Of Insolvency Professional Agencies) Regulations,
11, Tolstoy Marg, New Delhi - 110 001as amended by GST
Laws Ajay Sheemar Phone: +91-11-41824 268, 23324142
•
2017
Insolvency and Bankruptcy Board Of India (Procedure For Governing Board Meetings)
Phone: +91-11-41824268, 23324142 E-mail: info@youngglobals.com, Website: www.bookskhoj.com
Amendment Act, 2018 & Nishtha Sharma
CA. P. P. SINGH
Regulations, 2017
E-mail: info@youngglobals.com
N. No.- 1/2019- CT Foreword by: • Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017
Price `1795 Nitin Saxena
FOURTH EDITION
• Insolvency And Bankruptcy Code (Removal Of Difficulties) Order, 2017.
Shri. Ajay Wadhwa i
Contains Numerical Illustrations
May Chand2018
788998
Roshan B.Com (Hons.) LLB, FCA, Advocate
Price `395 Contains Relevant Forms
YOUNG GLOBAL PUBLICATIONS
B-4, Basement, Vandhana Building, 11, Tolstoy Marg, New Delhi - 110 001
Phone: +91-11-41824268, 23324142
E-mail: info@youngglobals.com Website: www.bookskhoj.com
 BUDGET PROPOSALS 2021-22

Income Tax
The Budget proposals for 2021-2022 rest on 6 pillars.
i. Health and Wellbeing
ii. Physical & Financial Capital, and Infrastructure
iii. Inclusive Development for Aspirational India
iv. Reinvigorating Human Capital
v. Innovation and R&D
vi. Minimum Government and Maximum Governance

Relief to Senior Citizens

For senior citizens who only have pension and interest income, it has been proposed for exemption from filing
their income tax returns. The paying bank will deduct the necessary tax on their income.

Reduction in Time for Income Tax Proceedings

Presently, an assessment can be re-opened up to 6 years and in serious tax fraud cases for up to 10 years. As a
result, taxpayers have to remain under uncertainty for a long time. It is proposed to reduce this time-limit for
re-opening of assessment to 3 years from the present 6 years. In serious tax evasion cases too, only where there
is evidence of concealment of income of Rs 50 lakh or more in a year, can the assessment be re-opened up to
10 years. Even this reopening can be done only after the approval of the Principal Chief Commissioner, the
highest level of the Income Tax Department.

Setting up the Dispute Resolution Committee

It has been proposed to constitute a Dispute Resolution Committee for them, which will be faceless to ensure
efficiency, transparency and accountability. Anyone with a taxable income up to Rs 50 lakh and disputed
income up to Rs10 lakh shall be eligible to approach the Committee.

Faceless ITAT
It has been proposed to make this Income Tax Appellate Tribunal faceless. National Faceless Income Tax
Appellate Tribunal Centre shall be established. All communication between the Tribunal and the appellant
shall be electronic. Where personal hearing is needed, it shall be done through video-conferencing

Relaxation to NRI
When Non-Resident Indians return to India, they have issues with respect to their accrued incomes in their
foreign retirement accounts. This is usually due to a mismatch in taxation periods. They also face difficulties
in getting credit for Indian taxes in foreign jurisdictions. It has been proposed to notify rules for removing their
hardship of double taxation.

Exemption from Audit

Currently, if your turnover exceeds Rs 1 crore, you have to get your accounts audited. In the Budget’2020, this
limit was increased to Rs 5 crore for those who carry out 95% of their transactions digitally. To further
incentivize digital transactions and reduce compliance burden, it has been proposed to increase this limit for
tax audit for such persons from Rs 5 crore to Rs 10 crore.

The Budget 2022 — Young Global Publications vii

 Relief for Dividend
In the previous Budget, the Dividend Distribution Tax (DDT) was abolished in order to incentivise
investment. Dividend was made taxable in the hands of shareholders.
It has now been proposed to provide that advance tax liability on dividend income shall arise only after the
declaration/payment of dividend. Also, for Foreign Portfolio Investors, it has been proposed to enable
deduction of tax on dividend income at lower treaty rate.

Attracting foreign investment into infrastructure sector

It has been proposed to make notified Infrastructure Debt Funds eligible to raise funds by issuing tax efficient
Zero Coupon Bonds.

Affordable Housing/Rental Housing

It has been proposed that affordable housing projects can avail a tax holiday for one more year – till 31st
March, 2022. Tax exemptions has also been proposed for notified Affordable Rental Housing Projects.

Tax incentives to IFSC

It has been proposed to include, among others, tax holiday for capital gains for aircraft leasing companies, tax
exemption for aircraft lease rentals paid to foreign lessors; tax incentive for relocating foreign funds in the
IFSC; and to allow tax exemption to the investment division of foreign banks located in IFSC.

Pre-filling of Returns
To further ease filing of returns, details of capital gains from listed securities, dividend income, and interest
from banks, post office, etc. will also be pre-filled.

Relief to Small Trusts

So far, there is a blanket exemption to small charitable trusts running educational institutions and hospitals,
whose annual receipt does not exceed Rs 1 crore. It has been proposed to increase this amount to Rs 5 crore.

Labour Welfare
In order to ensure that employees’ contributions are deposited on time, it is reiterated that the late deposit of
employee’s contribution by the employer will not be allowed as deduction to the employer.

Incentives for Start-ups

The eligibility for claiming tax holiday for start-ups has been proposed to increase for one more year - till 31st
March, 2022. It has also been proposed to extend the capital gains exemption for investment in start-ups by
one more year - till 31st March, 2022.

INCOME TAX SLABS 2021-22 - (No change in the present budget)

GST
Finance Minister wanted to ensure that they shall take every possible measure to smoothen the GST further,
and remove anomalies such as the inverted duty structure.

Customs
Proposal to review more than 400 old exemptions this year. From 1st October 2021, a revised customs duty
structure shall be placed, free of distortions.

viii The Budget 2022 — Young Global Publications