Finance Minister Nirmala Sitharaman will present the Union budget 2022 – 23 during the Parliament budget session on February 1, 2022. The Budget is much-awaited, especially this year, with the Omicron variant of COVID-19 causing the third wave of pandemics in the country.
Union Budget 2022 Expectations
Here is a brief of the Union Budget 2022 expectations from different social and financial sectors:
- Tax relief
Due to COVID-19 and work-from-home options, individual taxpayers will seek relief in budget 2022 income tax slabs to alleviate their financial issues. Additionally, tax rates and tax brackets might get a cut, which will surely help both individuals and businesses.
- Raising Income Tax Exemption
There are also plans to raise the basic IT exemption limit from Rs 2.5 lakh to Rs 5 lakh in the new Union Budget 2022. Many individuals will benefit from the rise in the basic tax exemption level, both tax relief and increased liquidity.
- Finance in Genetic Research
The healthcare sector will appeal to the government for more financing for genetic research and support for Genome Mapping efforts.
- New Programs for Hotel Business
The hotel business, which has particularly received a brutal hit by the COVID-19 outbreak, will expect assistance in Union Budget 2022 in the form of new programs to promote tourism and other incentives, such as interest-free loans and subsidies and lower tax rates.
- Real Estate Incentives
To help the real-estate business, which has also suffered greatly due to the pandemic, the rental housing, and the affordable housing markets will expect incentives.
- Export Tax on Cotton
Since cotton prices have been rising due to the enormous amount of cotton export, the textile industry is expecting the application of an export tax on cotton exports to keep costs in check.
- Subsidy in MSME
The idea of getting subsidies to aid their growth excites the Micro, Small, and Medium-Sized Enterprises (MSME) sector. For promoting growth, small and medium-sized businesses (SMEs) are searching for methods to enhance their access to money and credit financing.
- Policies for Better Economy
Aside from these measures, the finance minister can also include policies in the Union Budget 2022 helping the economy recover from the recession, focusing on boosting demand for goods and services and creating new jobs.
Union Budget 2022 – Present income tax slabs
According to the present income tax slabs:
- Individuals earning ₹0 – ₹2,50,000 a year will not have to give any tax
- Individuals earning ₹2,50,001 – ₹ 5,00,000 a year should give 5% tax.
- Individuals earning ₹5,00,001 – ₹ 7,50,000 a year should give ₹12500+5% tax of the total exceeding income ₹5,00,000.
- Individuals earning ₹7,50,001 – ₹ 10,00,000 a year should give ₹37500+15% tax of the total exceeding income ₹7,50,000.
- Individuals earning ₹10,00,001 – ₹12,50,000 a year should give ₹75000 + 20% tax of the total exceeding income ₹10,00,000.
- Individuals earning ₹12,50,001 – ₹15,00,000 a year should give ₹125000 + 25% tax of the total exceeding income ₹12,50,000.
- Individuals earning Above ₹ 15,00,000 a year should give ₹187500 + 30% tax of the total exceeding income ₹15,00,000.
How to Download Budget 2022 Speech PDF
Looking for a manageable budget 2022 speech download method? Here is the perfect way for getting union budget pdf 2022:
- Visit the Indian budget website.
- Go to the homepage
- Now click on the part Budget Speech.
- Then click on one pdf file icon visible there.
- The file will then start downloading on your device.
In the PDF, you’ll find the information below:
- Finance Minister’s speech for the Budget
- Economic Development 2021-2022
- Atmanirbhar Bharat 2021-2022
- Financial Sector 2021-2022
- Caring Society 2021-2022
- Direct Tax 2021-2022
- Fiscal Management 2021-2022
- Indirect Tax 2021-2022
In the coming year, any choices on income taxes will receive eager anticipation from the general public. As the COVID-19 epidemic presents new obstacles, individual Indian taxpayers are hoping for Union Budget 2022 to ensure more money to spend. Some tax cuts will get a warm welcome from the industry in the future.
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Last Updated on January 27, 2022 by Vaibhav Tiwari