Budget 2022: The Union Budget session kicked off at the Parliament with President Ram Nath Kovind addressing a Joint Session of both the Houses on Monday, January 31. The Economic Survey was also presented during the day at the upper and lower houses by finance minister Nirmala Sitharaman. The Economic Survey projected a GDP growth of 8-8.5 per cent for FY23. With all these Behind, the big Budget is yet to be presented. Sitharaman will present the Union Budget 2022 on February 1, which is on Tuesday.
Here is Everything You Need to Know About Union Budget 2022
Budget 2022 Date and Time
The Union Budget will be presented on February 1, Tuesday by the finance minister at 11 am. The duration of the Budget presentation is likely to range from 90 minutes to 120 minutes. However, last year, the finance minister’s speech lasted for roughly 2 hours and 40 minutes, which was the longest in India’s independent history.
Where to Watch Budget 2022
Budget 2022 will be broadcast live on the Lok Sabha TV. Apart from this, one can watch the Budget presentation on social media platforms like Facebook, Twitter and YouTube. The live broadcast will be picked up by television news channels.
What to Expect
This year, the pandemic-hit India expects the government to lay more focus on Budget. Last year, the government had allocated Rs 35,000 crore for Covid-19 vaccines and committed to provide further support. After this, India had launched the biggest vaccination programme of the world, through which millions of beneficiaries got vaccinated. This year too, it is expected that the Union Budget will focus more on the healthcare and insurance sectors amid the pandemic. The Economic Survey this year also highlighted the government’s efforts to keep the economy stable during the pandemic, which helped it project a higher GDP.
As for taxpayers, they expect the Budget 2022 to provide a reduction in tax rates and surcharges among others.
From Covid-19 relief to increase the limit of standard deduction under the income tax, middle class are expecting a host of measures from finance minister in Union Budget 2022. “Section 80C accounts for tax savings for most individuals in India. The current limit of Rs 1.5 lakh becomes too restrictive and thus there is need to widen horizon by offering additional investment opportunities. The limit of Rs 1.5 lakh has remained constant since a very long time now and thus there is a need to increase the said limit,” said Vivek Bansal- executive director and group CFO, InCred.
Apart from this, expectations are there that the government will focus more on the insurance sector, increase standard deduction and implement various other tax benefits. The Union Budget 2022 is also expected to focus on providing support to the rural economy and manufacturing sector through increased spending and PLI schemes like the previous years.
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