The document is a budget report created by Vikas Kumar, a B.com 1b student, for the 2022-2023 fiscal year. It defines what a budget is and describes the major types as surplus, balanced, and deficit. It then asks questions about who presents the budget, when, where, and provides facts about the total expenditure, receipts, and targeted revenue and deficit amounts. The main tax proposals outlined include no change in individual or corporate tax rates, a surcharge cap on long term capital gains, a 30% tax on virtual digital assets, and changes to tax rates and holidays for new companies and startups.

1. BUDGET
2022-2023
BY – Vikas kumar
B.com 1b
2234186
1/9/2023 PUNJAB COLLEGE OF TECHNICAL EDUCATION
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2. Meaning of Budget and Its Types
1. A budget is a spending plan based on income and expenses. In
other words, it’s an estimate of how much money you’ll make and
spend over a certain period of time, such as a month or year.
2. Major 3 Types
• SURPLUS BUDGET
• BALANCED BUDGET
DEFICIT BUDGET.
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3. SOME QUESTION FOR YOU
1. Who presents the Budget ?
2. On which date budget is presented ?
3. Where budget is presented ?
4. Current Finance Minister ?
5. Timing of presentation ?
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4. PAPERLESS
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5. FACTS OF BUDGET 2022 - 2023
1. TOTAL EXPENDITURE – Expenditure: The government proposes to
spend Rs 39,44,909 crore in 2022-23, which is an increase of 4.6%
over the revised estimate of 2021-22.
2. Receipts: The receipts (other than borrowings) in 2022-23 are
expected to be to Rs 22,83,713 crore, an increase of 4.8% over
revised estimate of 2021-22.
3. Deficits: Revenue deficit in 2022-23 is targeted at 3.8% of GDP,
which is lower than the revised estimate of 4.7% in 2021-22.
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6. Main tax proposals in the Finance Bill
1. Income tax: There is no change in income tax rates for individuals
and corporations.
2. Surcharge on Long Term Capital Gains (LTCG): Currently, the
surcharge on LTCG on listed equities and equity mutual funds is
capped at 15%.
3. Tax on virtual digital assets: Flat 30 percent charged on digital
assets.
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7. 1. Updating return of income: 25 Percent pelenty after 2 years and
50 percent in 2 year.
2. Co-operatives: Alternate minimum tax for co-operatives will be
reduced from 18.5% to 15%.
3. New companies and start-ups: New domestic companies engaged
in manufacturing have an option to pay tax at 15% (without
claiming any deductions)
4. Certain types of start-ups have an option for tax holiday for three
out of the first ten years if they incorporate by April 1, 2022.
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8. REFERENCE – WWW.PRSINDIA .COM
•
• SIGNING OFF
• - VIKAS KUMAR
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