The Expectation of the Salaried Class from Government – Union Budget 2022-23
The Finance Minister of India, Nirmala Sitharaman would declare Budget 2022 announcements on 1 February. The salaried class is expecting that the new budget would bring some good news for them in the pandemic situation. They are expecting that the Budget 2022-23 will offer a reduction in the income tax rate and surcharges.
The taxpayers expect a reduction in the income tax rate. If they have more money then the deduction limitation under section 80C of the Income Tax Act will not affect them much. They want an increase in home loan repayment exemption, as well as relief on dividend taxation.
They also expect an increase in the standard deduction limit. The senior tax advisors have already sent a proposal to the government regarding this matter.
But as reported by the Economic Times, it can be anticipated that the Finance Minister will not bring any changes in the upcoming Union Budget due to policy and fiscal compulsions.