BUDGET 2022: Survey reveals, most people’s opinion may increase income tax exemption limit by 2.5 lakh

Finance Minister Nirmala Sitharaman is going to present the Union Budget 2022-23 for the financial year 2022-23 (FY23) on February 1, 2022. At the same time, most people believe that the income tax exemption limit can be increased from Rs 2.5 lakh in the general budget for the financial year 2022-23. This opinion has emerged in a survey by KPMG India.

In a survey conducted by KPMG ahead of the budget, 36 per cent people believe that the deduction limit under 80C deduction can be increased from Rs 1.5 lakh. The same 19 percent said that the standard deduction limit for salaried people can be increased from the existing Rs 50,000.

According to the survey, 16 per cent expect the budget to provide tax-free allowances/other benefits for salaried people keeping in mind the work-from-home arrangement. In this provision can be made for internet connection, furniture and earphones.

KPMG has done this pre-budget survey in January 2022. In this, the views of about 200 professionals associated with the financial sector have been taken. In the survey, 64 percent people said that they expect the basic income tax exemption limit to be increased from Rs 2.5 lakh annually.

Budget 2022: Budget session of Parliament will start from January 31
Significantly, this time the budget session of Parliament will begin with the President’s address to both the houses on January 31 and will end on April 8. According to news agency PTI, sources have given this information citing the recommendation of the Cabinet Committee on Parliamentary Affairs. On 1 February 2022, the general budget will be presented in front of the country. The first part of the session will end on February 11. After a month’s break, the second part of the session will start from March 14 and will end on April 8.