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Budget 2022: What Taxpayers can Expect from the Upcoming Budget
The budget session of 2022 is on the horizon. We’re gearing up for a fantastic year in terms of the economy. The Hon’ble Finance Minister Nirmala Sitharaman will announce the Budget 2022 after just a few weeks. And because of the COVID-19 epidemic, people have high expectations from the budget this year. Here are a few things to look forward to in the budget 2022:
First thing, First!
As the recovery from the pandemic is still a pivotal concern, three issues are expected to be addressed in the budget. The first is to improve healthcare infrastructure. The second is assistance to those who are vulnerable. The third is public investment, which comes in the form of the National Investment Pipeline (NIP).
Now, let's have a look at some of the major changes that we can witness in the coming budget:
Major Changes in The Budget 2022-23
- In the next Union Budget 2022-23, salaried taxpayers may have more to look forward to. According to sources, the government may boost the Rs 50,000 standard deduction ceiling for salaried taxpayers and pensioners by 30-35 per cent.
- As part of their proposal for the upcoming Union Budget, the life insurance industry has suggested that the government create a separate bucket for tax rebates under section 80 (C) and make annuities tax-free for the benefit of subscribers. We may expect a focus on rebates in life insurance and other policies.
- Medical costs incurred on medical treatment of selected diseases are permitted for tax deduction up to Rs. 40,000 under section 80DDB (Rs. 1 lakh in case of senior citizens). This year’s budget is likely to include COVID-19 hospitalisation expenses under section 80DDB for all taxpayers up to Rs. 1,00,000/- to provide relief to taxpayers.
- Individuals with taxable income of Rs. 5,00,000 have no tax burden, but those with taxable income of Rs. 5,00,200 will pay an estimated tax of Rs. 13,000 due to the additional Rs. 200 income. This gap may be filled by introducing marginal relief in this year's budget, similar to what is available in the case of surcharges.
- There is no LTCG tax in major economies. To encourage more investment through the stock exchange, the government may consider abolishing the charge.
Based on data collated from various sources, these are the five major areas where the taxpayers can expect some relief. The hopes from the budget are high and the government is expected to consider the long-standing tax anomalies in the upcoming budget. Stay tuned as we will be updating more predictions after obtaining insights from industry experts.