On February 1, Finance Minister Nirmala Sitharaman will present the Budget 2022 in Parliament. In this budget, the common taxpayers of the country are expected to get a lot of relief from the government. It is expected that in this year’s budget, the government will increase the scope of 80C along with increasing the exemption limit for common taxpayers. Along with this, the scope of investment in the National Pension Scheme can also be increased.
What is the opinion of experts
The economic experts of the country are of the opinion that keeping in mind the corona epidemic in this year’s budget, the Modi government at the Center can give various types of relief and exemption to the common people. The reasoning of the experts behind this is that if the government gives relief on the prices of common goods along with increasing the scope of tax exemption, then the spending capacity of the people will increase, which can have a wide impact on India’s economy.
The scope of exemption may increase
Experts say that there has been an increase in insurance premiums during and after the corona epidemic. In such a situation, the limit of income tax exemption available in this scope is expected to be doubled. Along with this, this limit can be increased to 1 lakh for senior citizens and 50 thousand rupees for the rest. At the same time, the scope of exemption on interest charged on common people can be increased from Rs 2 lakh to Rs 3 lakh.
NPS may be expanded
Along with this, experts also say that as an alternative to Section 80C of Income Tax, the investment limit of 50 thousand rupees in the National Pension Scheme has not increased for a long time. In such a situation, it is expected from the government that investment of up to Rs 1 lakh can be allowed in this, so that along with tax exemption, people can collect a good retirement fund.
Relief expected on FDs and cryptocurrencies
Apart from this, tax exemption is available only on investment of 5 years in Fixed Deposit (FD) in the business year so far, but in this year’s budget, it is expected from the government that now the benefit of tax exemption from FD of 3 years is also available. will be given. Because of this, people will not have to block their money for a long time to take advantage of tax. Experts also speculate that the government may also introduce new rules related to taxing cryptocurrency in the budget. Till now, tax is charged on the basis of earnings in the current tax slab, but in view of the huge investment being made here, the government can find an opportunity to earn from this item.