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Budget 2022-23: The government can give big relief to the salaried class and pensioners troubled by rising inflation in the Union Budget to be presented this year. It is believed that in the budget to be presented on February 1, 2022, Finance Minister Nirmala Sitharaman can announce an increase in the limit of Standard Deduction, so that the taxpayers will get Rs. Relief can be given from rising inflation and the tax burden on them can be reduced.
Standard deduction limit may be Rs 75000
Presenting the fourth budget of the second term of the Modi government, Nirmala Sitharaman can increase the standard deduction limit from the current Rs 50,000 to Rs 75,000, i.e. up to 50 percent directly. can be increased. In fact, apart from the Business Chambers, many economists had requested the Finance Minister to increase the limit of standard deduction to reduce the tax burden on the taxpayers.
Salaried expenses increased during the Corona period
During the Corona epidemic (Covid 19 Pandemic), the salaried class has to do office work from home under Work from Home. Due to this, the electricity bill, internet expenses of the salaried people have increased. Due to online classes from home of children, there has been an increase in the expenditure of the taxpayers.
troubled by inflation
Due to Corona, the expenditure on health services has also increased. From that inflation is touching the sky. The prices of Petrol Diesel to Vegetable Oil and LPG PNG CNG (LPG, PNG & CNG) have also increased wildly. Therefore, there is a demand from the Finance Minister to increase the limit of standard deduction from the current level. In view of the increased expenditure on building offices at home in many countries during the Corona period, taxpayers have been given tax exemption, which is being sought to be implemented in the budget in India as well.
Standard deduction that came into effect in 2018
At present, there is a provision of standard deduction up to Rs 50,000 in the total income of the taxpayers. In 2018, the then Finance Minister Arun Jaitley implemented standard deduction in the budget, when the standard deduction limit was Rs 40,000, but just before the Loksabha elections, he was presenting the Interim Budget. The then Finance Minister Piyush Goyal had increased this limit to Rs 50,000.
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