Union Budget 2022 – What Individuals Can Expect From It!

Union Budget 2022: This is that time of the year when optimism and expectations, both are touching the sky. Why so? This is the time of the Annual Union Budget. Every sector of population always has their wishlist ready.

Some of them are looking to benefit from a higher slab of Income tax, the corporate group is looking to benefit from the reduced corporate tax rate and economic development is also high on the agenda and wish list just goes on and on.

On 1st Feb, 2022, 11 AM, the Finance Minister presents the Union Budget and anticipation gets higher. And the Union Budget 2022 would be presented by the Finance Minister Nirmala Sitharaman.

The speech generally lasts for anything between 90 minutes to 2 hours and even the last union budget speech lasted for about 110 minutes. But the budget speech of 2020 was the longest and it lasted for nearly 2 hour and 40 minutes (after the speech was cut short)

What is the Expect Focal Point of the Union Budget 2022?

Budget Image | Union Budget 2022

This year’s budget is supposed to be a very interesting one as the country is battling with the third wave of COVID pandemic and the focal point of discussion would be to get the country out of the glut and push it back again on the fast track lane.

The Focus would also be on making the healthcare system stronger against any possible future outbreaks. Development of the infrastructure will also be an important point of consideration in Union Budget 2022.

Expectations from Union Budget 2022

The taxpayers would be expecting reduction in tax rates and surcharge and increased limit in the deduction under section 80c of Income Tax Act. To put in simple words, the taxpayers would be expecting more money in hand after paying off the income tax.

Following are some of the expectation from the working or middle class:

  1. Increased 80c limit

Keeping the adversities owing to the pandemic, there is a strong expectation from the government to increase the limit of tax exemption to a minimum of rupees 2.5 lakhs under section 80c of Income tax act. This would help the individuals as they will have more disposable income in hand and this will also help the government as the increased disposable income will increase spending and the overall development of the economy will be bolstered.

  1. Increased Health Insurance Benefit

Health Insurance comes under sec 80D of Income tax act and is expected to be an important point of contention in this budget. The government should incentivise those individuals who purchase health insurance and which in turn will induce individuals to take up health insurance.

Under the current system, an individual can claim tax exemption of upto Rs. 25,000 for age below 60 years and Rs. 50,000 for aged above 60 years. For proper results, the government should look to double the limit of this.

  1. Increased standard deduction or tax relief on savings for Kids education

Saving for kids’ education is a very important financial goal which every individual has in mind. But the amount of deduction allowed is very less. So there are expectations that the government would look to increase the limit for money saved for kids’ higher education.

  1. And other benefits

There are various other benefits which are expected from this budget including loans for small business at a very nominal rate, incentives, subsidies, benefits to startups etc. The aim should be a wholesome development of the nations and none of the interested parties should be left disappointed. Overall Economic Growth and development should be at the forefront of the Union Budget 2022.

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In Closing

The Union Budget 2022 could be the breath of fresh air and the fresh impetus which the economy might night to set course for being the fastest growing economy of the world. The expectations are high and this budget should be a mix of caution and aggression.

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