New Delhi: The date of the general budget is drawing near. The people of the country have high expectations from the budget this time too. Especially the people paying income tax have high hopes from this general budget. In the last budget, a lot of benefits were given to the taxpayers, in such a situation, big discounts are expected for the salaried people from this time’s budget as well. The Budget for 2022-23 will be presented by Finance Minister Nirmala Sitharaman on 1 February.
In view of the increasing demand for changes in income tax, many industry bodies have already appealed to the government to give some relief to the taxpayers. If the reports are to be believed, then the central government is making up its mind to give relief to the employed people. Officials have been quoted as saying that the central government may increase the existing standard deduction limit for salaried and pensioners by 30 to 35 percent in the Budget 2022. At present, the standard deduction limit for such taxpayers is Rs 50,000.
Earlier, the standard deduction limit was Rs 40,000, which was brought by the then Finance Minister Arun Jaitley in the year 2018. In 2019, Piyush Goyal had increased this limit to Rs 50,000 while presenting the interim budget.
The working people are in a lot of trouble due to Corona. There has been a sharp jump in many expenses of the taxpayers including electricity to medical expenses. This is the reason why taxpayers have demanded an increase in the standard deduction limit. In such a situation, in view of the difficulties of the employed and pensioners, the government may consider increasing the limit of tax exemption in the budget 2022.
first published:Jan. 12, 2022, 1:31 p.m.