Budget 2022 Expectations: Tarun Birani, board member of Association of Registered Investment Advisors, believes that increasing the scope of tax exemption on investments under Section 80C will not only benefit the common investors, but will also help in achieving the target of domestic investment. .
Budget Expectations 2022: The general budget for the next financial year 2022-23 is going to be presented in the era of corona epidemic. In such a situation, expectations are being raised from this budget that it will boost demand and more employment opportunities will be created. During the Corona epidemic, there has been an increase in the health expenditure of the people, so the work from home culture has also increased the expenditure. At the same time, due to the increasing uncertainty of employment, the need to create a contingency fund has strengthened. In such a situation, it is expected from the upcoming budget that the government can increase the scope of tax exemption on investment under Section 80C, which will not only benefit the common investors, but will also help in achieving the target of domestic investment.
The countdown for the presentation of the budget for the next financial session 2022-23 has started and on February 1 next month, Union Finance Minister Nirmala Sitharaman can present the next budget. This will be his fourth budget. From the general budget to the special expectations are attached. In the current difficult circumstances of the Corona epidemic, investors have high expectations from the budget for the next financial year 2022-23.
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retirement plan
Last year in 2021, the number of senior citizens in the country was about 1.31 crores, which is estimated to be 2.39 crores in the next 20 years i.e. by the year 2041. After one age there is no means of regular income, so retirement plan proves to be very helpful at such times. However, people here do not have enough Social Security or retirement benefits. The government encouraged people to do this through tax benefits in NPS, but more needs to be done. For this, the government can consider increasing the limit of section 80C. This will encourage people to save and they will be able to plan for retirement in a better way.
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Relief related to inflation and COVID
In the current era, due to the high rate of inflation at the global level and problems in its supply with costly crude oil, the price of essential commodities may increase and due to this there is a possibility of increasing interest rates. Due to the Corona epidemic, health services have become expensive around the world and due to this countries like America, UK and Canada have introduced tax relief in medical expenses related to COVID. Some such provisions can be made in India. In such a situation, taxpayers hope that the government can increase the relief under section 80D. This relief can be in addition to the discount on the premium of the health insurance policy.
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Hope for relief on ‘work from home’ expenses
Due to the Corona epidemic, the culture of work from home is increasing all over the world. However, due to this the additional expenditure of the personnel has increased. For office work, they have to bear additional expenses like internet connectivity, setting up office at home, electricity etc. In such a situation, the government can make a separate provision of tax relief for these expenses in the budget of the next financial year 2022-23.
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(Article: Tarun Birani, Board Member, Association of Registered Investment Advisors (ARIYA))
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