Expectations from Union Budget 2022

There are a lot of expectations from Union Budget 2022 as people from various walks are pinning high hopes on the Modi government’s decisions and announcements on various sectors.

Expectations from Union Budget 2022

GST and Direct Taxes

Increase Limit of Section 80C- This section should be increased from 1.5 lakh to 3.0 lakh it will be a great help in increasing the savings of many Indians.

Increase Limit of Section 80D- This section should be increased from 25,000 to 50,000 it will be a great help in increasing the savings of many Indians.

Standard Deduction Limit Increase This is expected to be Rs 1 lakh from the existing limit of Rs. 50,000.

Capital Gain Limit Increase- Long-term capital gain exemption limit can be increased from Rs 1 Lakh to Rs 2 lakh.

Income Tax Slab- This is expected to be a basic taxable income exemption on income up to 5 lakh.

GST Rates & Others- Expected to reduce GST rates on goods and services and clarify the return filing process.

Crypto Currency & Crypto Exchange Regulation

There needs to be more clarity on crypto regulations. Most Indian blockchain or crypto start-ups are setting base in UAE, Singapore, and other countries because of the no clarity with the regulations around it.

New digital asset classes such as Crypto & NFT’s will go a long way in helping Indian investors invest stress-free.

Build Better Health Infrastructure

Finance Minister Nirmala Sitharaman announced an increase in the allocation for health by 137 percent to Rs. 2.23 lakh crore from the previous year’s budget estimate of over Rs. 94,000 crores.

Clarification on LIC IPO

This budget session govt will clarify about LIC IPO and when govt of India introduces the LIC IPO. According to the source govt still calculating the valuation of LIC and how many percentages of the stack will list in public.

Focus on Employment

In this budget session majority of people are expected to increase employment with create new jobs and providing easy loans to MSMEs or local businesses.

Also Read:- Extended Due Date for GST Return Annual (GSTR 9/ 9C) for FY 2020-21

Also Read:- New IT Rules For 8AD on Computation of Capital Gain u/s 45(1B) of IT Act: CBDT Notifies

Also Read:- What Documents Required for GST Registration in 2021?

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