Budget 2022- The Expectations
Expectations for the
budget — This will be Ms. Nirmala Sitharaman's fourth budget and
the second after Covid took over. This budget would be
unique as it would function as a pre-election budget for states such
as Uttar Pradesh and Punjab, as well as Goa, Manipur, and Uttarakhand. Where
the central government may endeavor to match the people's expectations in these
states. It is also the 2nd last budget of the Mega Election in the
National Election of 2024. Now, let's look at what the average citizen expects
from our government. Several individuals have suffered in the previous two
years. Significant markets have been suffering for jobs, life savings, and
To boost the real estate market, the government has tried
all it can to lower interest rates on bank loans. However, due to the Covid
virus's reappearance, we still have a long way to go.
Now, let's look at what the ordinary person expects from the
government in this budget.
health-care infrastructure- Finance Minister Nirmala Sitharaman announced a
137 percent increase in health allocation to Rs. 2.23 lakh crore (Rs. 2,23,846
crore) in the previous budget from the previous year's budget estimate of over
Rs. 94,000 crores (Rs. 94,452 crores) and a 118 percent increase from the
previous year's revised budget of over Rs. 1.02 lakh crore in the previous
budget (Rs. 1,02,873 crore). Now,
the common man wants better hospitals all over the country so that he does not
have to go to a private hospital for basic health treatment.
opportunities: - We have seen constant agitation on employment issues in
recent days, and now we anticipate the government to lend a helping hand to
stressed industries such as automobiles and real estate, so that more jobs may
be created in the market.
3. Benefits in Income
Tax Slab Rates: – The salaried class has high expectations from this budget
in terms of increasing their net income, or income after taxes. One way to do
this is to provide direct relief on income up to 5 lac, which means no tax, and
further rate reductions on additional income, as well as surcharge reductions.
4. Increase the limit
of section 80C and other similar deductions: – The limit of these sections
has been expected for many years to be increased from 1.5 lac to 3.0 lac, which
would be a huge help in increasing the amount of money saved by many Indians.
5. Increase in the
Section 80D limit: Because of the rise in health-care costs, many
individuals are now purchasing health insurance. There has also been a
considerable increase in public awareness, and many people are now purchasing
medical insurance. To make it even higher, the government must boost the limit
from 25,000 to 50,000.
6. Increase in the
interest deduction limit on house loans: In order to strengthen the real
estate market and assist the public in purchasing their dream home, the
government should consider raising the interest deduction limit on home loans
from 2 lac to 3 lac.
Covid expenditures can be deducted:
Almost everyone in India has been affected by covid, either directly or
indirectly, and has spent a large amount of money on treatment. The government
should recognise covid expenditures as a legitimate expense