Budget 2022: Fancy announcements on Income tax?

Sowmiya Sriram
Budget 2022: Fancy announcements on Income tax?

The parliamentary budget session begins today january 31st, 2022. The federal budget for the fiscal year 2022-2023 will be tabled tomorrow february 1st, 2022. This is the 4th budget which will be presented by Union Finance minister Nirmala Sitharaman. With just one day to go before the budget is tabled, expectations for it have risen. Five state assembly elections, including Uttar Pradesh, are set to take place. In turn, attractive announcements to impress voters are expected to feature in the budget.
At the same time, the central government has set a target of achieving an economy of Rs 375 lakh crore by 2025. It is expected that financial reform measures will be taken for this. In addition, corporates and income taxpayers are looking forward to the benefits. For example, under section 80C, savings up to Rs 10 lakh per annum are tax-deductible. Monthly payers want this amount to increase significantly.
Income above Rs 15 lakh is subject to a maximum tax of 30 percent. They also expect to increase this Rs 15 lakh limit. The dominance of cryptocurrencies like Bitcoin is growing. So it looks like it will be taxed. The long-term capital gains tax, which was introduced in 2018, has not won the confidence of investors. Therefore, there is an expectation that only the sale of equities listed by indians will be exempted from long-term earnings tax.

Corporates want to deduct tax on money spent on employees and the community during the Corona era. It is expected that the company tax will be reduced to 15 percent or less for companies engaged in research and development work. Concerning indirect taxes, it seems that the customs duty on non-conventional energy generating devices and their related components will be reduced.


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