Insurance

Tax deduction, lower insurance premiums, what the industry wants

Finance Minister Nirmala Sitharaman will present the Union Budget 2022 on February 1. Amid the third wave of the Covid-19 epidemic and high inflation, the working middle class needs more relief measures from the 2022 budget. From the increase in the standard deduction under the law from income tax to further relief on home loans, industry experts and workers are pinning high hopes on the 2022 Union budget.

“With the increase in direct tax collections and experts estimating that it exceeds the forecast budget, taxpayers expect relief in terms of an increase in the ceiling for the basic exemption, an increase in the lump sum deduction for salaried class, increase in benefit exemption ceiling for salaried class which have not been revised for a long time, increase in deduction ceiling under Section 80C These are mainly expectations of the middle class population,” said Sundara Rajan TK, Senior Partner, DVS Advisors LLP.

Will the Minister of Finance present a populist budget to boost consumption? Or will the focus be more on bolstering India’s economy hit by the consecutive Covid-19 pandemic over the past two years? The task is certainly not easy, but let’s see what the industry expects from the Minister of Finance in the Union budget 2022

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