The Union Budget 2022 Revealed

 The Union Budget 2022 Revealed




The Union Budget 2022 Revealed


  • The Budget 2022 would be released by Finance Minister Nirmala Sitharaman on Feb 2022.Here are the details which are expected to be in included in the Union Budget 2022.
  • The Income Tax Exemption is currently set as Rs.2.5 Lakh (i.e., No tax upto Rs.2.5 Lakh) and this limit could be increased in the Budget 2022-2023.
  • With respect to Tax-Saving deposit like Fixed Deposit tenure, the Government may reduce it to  three years from existing Five years of Lock-in Period.
  • The investors of Unit Linked Insurance Plan (ULIP) will get tax benefits for both premium amount paid for Unit Linked Insurance Plan (ULIP)  as well as amount earned from the ULIP is tax free which can be claimed under Section 10(10D) of the Income Tax Act.
  • The Income Tax slab and tax rates could also be expected to be changed. There will also be steps being taken to increase Foreign Investment, Infra and Real Estate sector.
  • In existing Tax new System, One has to sacrifice tax benefits like Standard Deduction, House Rent Allowance, Leave Travel Assistant and various tax deductions. Hence, We can expect certain deduction to be allowed to make the new tax regime more taxpayer friendly.
  • Apart from above expections, taxpayers may expect more relaxation on the Income tax in the upcoming Union Budget 2022-2023.

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