Executive summary
The Finance Minister of India presented the Union Budget 2022 (the Budget) on 1 February 2022. The Budget includes positive proposals such as the extension of deadlines to commence manufacturing for new companies electing a concessional tax rate regime, the extension of deadlines for incorporation of start-ups claiming tax holiday benefits, the reduction of the peak surcharge rate for long-term capital gains, and the ability to file updated tax returns with extended deadlines.
Th…