Finance Minister Nirmala Sitharaman will be presenting the Union Budget 2022-2023 in the Parliament on the beginning of next month. With the omicron variant putting a wrench in the plans for a better 2022, many hope that this upcoming budget presentation will be a success.
As mentioned before, the 2022 budget is coming at a time when the country is fighting against the third wave of covid, many also speculate that the Economic Survey which is a report that keeps a track on the state of the economy during the previous year highlights the key challenges as well as their possible solutions.
Various reports also point out that the Central government is expecting a V-shaped recovery for Financial Year-2021-2022 with a GDP growth of 9.2 percent. With that said, now let’s take a look at the various expectations from budget 2022 as well as budget 2022 highlights.
- Reduction in Tax Rates and Surcharges: Taxpayers will be expecting that the upcoming budget will provide reduction in tax rates as well as surcharges. For those who don’t know what surcharge is - Income tax surcharge is an additional charge which is payable on income tax. And for taxpayers who are having a higher income inflow during a particular financial year, an income tax surcharge is an added tax.
- Increase in Deduction that is Under 80C: One of the other important things that many are looking at it the increase in the deduction that will be available under the section 80C. For those who are unaware about what the deductions under 80C is – this particular section will allow taxpayers deduction for the various investments that they have made in PPF, LIC premium, and EPF as well as the principal amount that is paid towards stamp duty and registration, loans, and charges for purchase of property to name a few.
- An Increase in the Housing Loan Repayment Exemption: Yet another important that point that many hope will be take care of in the upcoming budget presentation is an increase in the exemptions that are provided for housing loan repayment. Like many in the society, those who have taken housing loans have also been adversely affected by the ongoing pandemic and with many in a dire situation, taxpayers hopes that exemptions that are provided for housing loan repayment will become the reality after budget 2022. And there is no doubt that this will be of great help to many across the country.
- Removal of GST: The removal of GST on the different services that are availed by the common man is one important facets that many is looking at in the upcoming budget presentation. And owing to the fact that this can impact millions across the country, taxpayers are hoping that the government will come up with a positive reform. And this is one of the most important parts that many common people are interested in budget 2022.
While these four are some of the most important pointers that might garner attention from many, these four are only some of the many expectations that people across the country has from the upcoming budget.