Check Budget 2022 date, time here; what individuals can expect from it

The budget is presented every year by the Finance Minister. Finance Minister Nirmala Sitharaman will introduce the fourth Budget of the Modi 2.0 government. The budget will be presented on February 1, 2022.

The duration of the Budget presentation might range from 90 to 120 minutes. The FM’s address on the 2020 Budget was the longest in India’s independent history, lasting roughly two hours and 40 minutes. She couldn’t finish the remaining two pages despite presenting for 160 minutes and had to cut the speech short.

The focus of this year’s Budget is expected to be on speeding up India’s recovery from the pandemic shock, as well as strengthening the country’s healthcare system to protect against future outbreaks.

Where to watch Budget 2022

The Union Budget 2022 will be broadcast live on Lok Sabha TV (which will be picked by other news channels) and on social media channels, such as YouTube and Twitter. The FM will present the Budget in the Lok Sabha on February 1 at 11 a.m. Earlier, the budget was presented on February’s last business day.

Expectations from Budget 2022

Taxpayers expect that Budget 2022 will provide reduction in tax rates and surcharges, increase in deduction available under section 80C, increase in housing loan repayment exemption, relief on dividend taxation, rationalisation of capital gains across different classes of assets, removal of securities transaction tax, removal of GST on services availed by the common man etc. Simply put, the taxpayers’ expectation is more money in hand, Sonu Iyer of EY India wrote in a recent column for ET Wealth online. Whether or not the government will be able to deliver on the taxpayers’ expectation needs to be understood in the light of our national priorities, she wrote. Click
here to read the full column.

Here is a look at what the middle-class expects from Budget 2022

Hike in 80C limit: Keeping the pandemic and the rising inflation in mind, in the Union Budget 2022, the government should increase the section 80C limit to at least Rs 2.5 lakh per annum. Here is how doing this will not only help reduce the burden of the average taxpayer, but will also help the government. Click
here to read the full story.

Hike tax exemption limit for health insurance under Section 80D: The current tax exemptions do not incentivise purchase of sufficient health insurance. The government should have two objectives for section 80D. To encourage more people to buy health insurance and to have them buy the right amount of sum assured. To achieve this the income tax exemptions in section 80D should be increased, ideally doubled. Click
here to read the full column.

Standard deduction hike, income tax relief for saving for kids’ education: The amount of standard deduction is significantly low given the periodic cost of inflation over the years and the living expenditure of salaried individuals in current times. Which is why Budget 2022 should consider hiking this amount. Saving for children’s higher education is an important financial goal for any individual and a portion of income is generally earmarked for such savings. However, currently, there is no express deduction/exemption for such savings except the Sukanya Samriddhi Yojana which is specifically for a girl child. Click
here to read the full column.

Tax breaks for employees working from home: The existing standard deduction should not be perceived as a limit to cover deduction for work from home allowance. There is clearly a case for either introducing a new deduction for home office expenses or increasing the existing standard deduction limit for those working from home. A lump-sum deduction towards home office expenses, while providing relief to those working from home, will also reflect the norms of minimum governance and ease of compliance for taxpayers with no additional task of maintaining the supporting documents for the same. Click
here to read the full column.

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