As Finance Minister Nirmala Sitharaman is all set to present the Union Budget 2022 on February 1, the salaried class is highly anticipating an increase in the income tax limit which has not been increased in the last couple of years.
What perhaps is needed in the Union Budget 2022 is to bring dynamic changes in the income-tax slabs and increase the rebates under section 80C, 80EE, 80EEA and 24(b) of the Income Tax Act.
A lot of relief on the income tax front is expected by taxpayers from the Union Budget 2022. In a pre-budget survey recently conducted by KPMG, most of the respondents said they expected an enhancement in the basic income tax exemption limit of Rs 2.5 lakh.
“On the individual tax front, most respondents expect an enhancement in the basic income tax exemption limit of rupees2.5 Lakh.
Respondents also support an upward revision in the top income slab of rupees 10 lakhs and above, and an increase in the existing section 80C deduction limit of INR 1.5 lakh,” a survey report said.
Taking the Assembly elections of the five states into account the political analysts are of the opinion that the Finance Minister will give major relief to the salaried class.
