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  • Category: Central Government

    What are your expectations from the upcoming Union Budget of India 2022?

    Union Finance Minister Nirmala Sitharaman will be presenting the Union Budget 2022 on 1st February. Like in previous years, there are always speculations and expectations from not just those in the industry or finance experts, but also from the general public. Other than the eternal hope of a drop in taxes, let's see what ISC members' expectations are.

    Which sectors do you feel require an immediate and absolutely imperative boost?
    Do you think some policies will be announced that would directly or indirectly generate employment?
    Will there be huge benefits for the healthcare, agriculture, and education sectors?
    Will senior citizens be the center of any policy related to their specific financial needs?

    Overall, can we hope that this Budget brings the country as a whole out of the economic doldrums that were triggered by the pandemic?

    It is suggested various aspects of the Union Budget with relation to different sectors be discussed in this one thread rather than raise separate threads on it.
  • #750075
    The following are some of the points I expect to be addressed in the coming union budget.
    1. The standard deduction that is allowed now is only Rs.50.000/-. In view of the increase in the household expenditure of the employee, the standard deduction is to be enhanced. Instead of giving various exemptions in various categories, raising the standard deduction to \ Rs.3/- lakhs and abolishing 80 CC tax rebates is also a welcome feature.
    2. senior citizens are suffering a lot due to a reduction in bank interest rates. Especially the private employees who are not having any pension will completely depend on the interest they get on the bank deposits. The government should exempt all senior citizens from paying income tax.
    3. We have seen during the pandemic how people suffered due to improper medical assistance. So the government should think of improving the healthcare sector and facilities free of cost to the needy poor.
    4. The budget should also plan for the increase of employment opportunities so that many people will get jobs and that will boost the economy of the country.
    5. The EPF pension for the private employees is very less and it should be made a minimum of Rs.7000/- so that after retirement these private employees need not depend more on their sons for their livelihood.

    drrao
    always confident

  • #750076
    Well after the pandemic effect, all the departments and sectors are badly affected and therefore the attention should be very balanced from FM Sitaraman and she cannot discard one sector in favor of other. Surely being the election year and ruling party at the center need to win, FM would strive for creating new jobs for the youth who are very furious with the govt. I think government hospitals would be given more priority this budget as modern equipments to cater future exigencies would be created for. Senior citizens should be given more interest on their deposits in banks hope they will be kept happy. And many Telangana demands has been already submitted by the state govt and the center should not be indifferent on some projects which need to be given national tag and center need to fund it.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #750081
    I am expecting many features in the budget which would be towards common man, agriculture, and industry. Due to corona pandemic many people lost their jobs and the job opportunities in general shrank beyond proposition and there is a need of announcing some special measures for everyone. I am expecting some of the following announcements in this budget -
    1. The minimum threshold for tax would be increased.
    2. Corporate tax would come down slightly.
    3. More people would be covered under tax net.
    4. GST rates on luxury products would go up.
    5. Standard deduction might be increased.
    6. Deduction in interest income (presently Rs 50000) for the seniors might be increased.
    7. Many reimbursements and perks would attract tax.

    Knowledge is power.

  • #750082
    I am not expecting anything for the common man in this budget. This government is capable of giving pittance with one hand while taking more than what it gives with the other hand.
    " Be Good and Do Good "

  • #750083
    Frankly, I smiled on reading the thread title which is red pinned. For a school going and college going student, it could be interesting and they would write an essay because they are innocent. Here also come the two key words - Expectations vs Reality. For the past few years, people's expectation in the Tax reduction and other factors are more while the ground reality is different.

    Another factor is - there was a separate Railway budget which got merged with the main budget in the recent past. Had the earlier arrangement been continued, the focus would have been more different. The wings of the budget now have spread over to a larger extant and there has been a major impact of the Corona in every sphere of life. Let us see what is being cooked up and why to expect more before tasting it.

    Regards,
    Jagdish

  • #750089
    I am expecting many positive changes to be effected for the senior citizens since they are badly affected due to high inflation and the current standard deduction provided to them is to the extent of Rs 50,000. This must be to the additional two lakhs so that are protected from the continuing inflationary trend.
    The other feature should be to close monitoring of the people hiding their income taxes with some evasive methods and as such the tax payers are hardly 1.35 crores which is definitely abysmally low to benefit the government in terms of tax.
    Government would take care of the industries offering some concessions in respect of GST slab so that the cost levied by the industry would be proportionately come down and in that way the end customers would get substantial relief.

  • #750140
    I don't think this government will give any benefit that cause financial burden to government. Already the government is facing financial crisis and trying to sell all government assets to private operators inorder to raise money. People talk about tax benefits, but government can't try to loose whatever they can get through tax payers. As our economy has great slump in recent times I am not expecting any benefits from government except steep hikes in many sectors.

  • #750148
    1. Senior citizens be evaded from tax brackets.
    2. GST on snack foods to be reduced.
    3. Financial aid and support for citizens when they loose their jobs due to pandemic, natural calamities directly to their accounts.
    4. Reduce the burden of tax on the common man like fines, penalties.

    Lead the leader

  • #750157
    I would like to wish that the central government should remove the income tax and replace it with another suitable tax that can fetch funds for the government.
    Dr. Paresh B. Gujarati.
    Mechanical Engineer.
    'I'mprovement always begins with 'I'.

  • #750259
    Many expect to receive a lot from the budget this year. But the question is how much the government will be able to give. I think the budget needs to address the following issues:

    1. Health is in dire straits due to the epidemic. In this situation, the central government needs to change the structure of health services and pay special attention to health insurance.
    2. As a taxpayer, of course, I would like to see more reforms in the imposition of personal taxes in the forthcoming budget, and I expect lower tax nights or higher exemptions. Many people want the introduction of Expenditure Tax System instead of Income Tax.
    3. The central government will have to look at the stock market in the next budget It is important to pay close attention to this issue to strengthen India's financial structure. Arranging various emergency measures that may attract more investors.
    4. It is also important to focus on the aviation sector. Emphasis should be placed on how much tax exemption can be increased.
    5. The government should give more power to India's banking sector focus on the MSME sector and take various steps to improve them, as they have a greater role to play in keeping the money supply in the market normal. 6. The government needs to speed up the communication system for the betterment of rural areas.
    . The government needs to focus on the automobile sector. This is where it is necessary to increase the amount of tax exemption.
    6. It is important to announce the package for the reconstruction of the areas that have been most affected by the epidemic.

    Believe in the existence of God the superpower.
    Regards
    Dhruba

  • #750264
    The Budget session of Parliament will be held on Monday, January 31, 2022, ThePresident of India Shri Ram Nath Kovind will address in the both the houses. Finance Minister, Shrimathi Nirmala Sitharaman will present her fourth annual Union Budget Tuesday, February 1, 2022. The following are things are the expectations on the forthcoming Union Budget.

    1. The budget for the financial year 2022-23 would be presented in the backdrop of the Covid-19 pandemic that has impacted the economy while accelerating the inflation rate.Given the increasing inflation, I hope the government will consider these tax relief measures in the upcoming budget.

    2. At least 8-9 per cent of GDP (gross domestic product) should be put aside for education.

    3. Relief to industries struggling to recover. Levy COVID cess on industries that bounced back. Reduce liquidity by increasing the investment-linked deductions.


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