Every year, the Finance Minister presents the budget. The fourth Budget of the Modi 2.0 government will be presented by Finance Minister Nirmala Sitharaman. On February 1, 2022, the budget will be presented.
The Budget presentation could last anywhere from 90 to 120 minutes. The FM’s speech on the 2020 Budget was the longest in India’s independent history, clocking in at almost two hours and forty minutes. Despite presenting for 160 minutes, she was unable to complete the last two pages and had to break her speech short.
This year’s Budget is likely to focus on accelerating India’s recovery from the pandemic shock, as well as strengthening the country’s healthcare system to prevent future outbreaks.
Budget 2022: Where to Watch
The Union Budget 2022 will be broadcast live on Lok Sabha TV (which will be picked up by other news outlets) as well as on social media platforms like YouTube and Twitter. On February 1, at 11 a.m., the FM will present the Budget to the Lok Sabha. Previously, the budget was delivered on the final working day of February
Budget 2022: What to Expect
Taxpayers anticipate that Budget 2022 will include tax rate and surcharge reductions, as well as an increase in the deduction available under section 80C, an increase in the housing loan repayment exemption, dividend tax relief, capital gains rationalisation across different asset classes, the elimination of securities transaction tax, and the removal of GST on services provided to the general public.
Simply put, taxpayers demand more money in their pockets, according to Sonu Iyer of EY India, who penned a recent editorial for ET Wealth online. She said that whether or not the government will be able to meet taxpayer expectations must be considered in light of our national interests.
Here’s what the middle class is hoping for in Budget 2022
.Increase in 80C limit: In light of the pandemic and growing prices, the government should raise the section 80C limit to at least Rs 2.5lakh per annum in the Union Budget of 2022. Here’s how doing so will benefit not only the regular taxpayer, but also the government.
Increase the Section 80D tax exemption maximum for health insurance: The current tax breaks do not encourage people to buy enough health insurance. Section 80D should have two goals for the government. To encourage more people to purchase health insurance and to ensure that they purchase the appropriate quantity of coverage. Section 80D income tax exemptions should be raised, ideally doubled, to achieve this.
Tax benefits for employees who work from home: The current standard deduction should not be interpreted as a cap on the amount of money that can be deducted for a work from home allowance. There is a strong case to be made for either creating a new deduction for home office expenditures or raising the standard deduction limit for those who work from home.