Union Budget 2022: Income tax exemption may be available in the forthcoming union budget after 6 years!

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#NewDelhi: All the people of India have high hopes for the forthcoming Union Budget 2022-23. Due to the Corona epidemic, the financial situation is deteriorating and due to inflation, the situation of everyone is already bad. The Union Budget 2022-23 is going to be presented on February 1. The forthcoming Union Budget is expected to have some good news for Indian taxpayers. Income tax exemption may be available after 6 years in the forthcoming union budget.

The central government can give great news –

The Indian Banks Association has demanded from the central government that the three-year fixed deposit should be brought under tax exemption. If the central government accepts this demand of the Indian Banks Association in the forthcoming union budget, then many people will benefit. Let’s take a look at what measures the central government can take to please the taxpayers.

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Fixed Deposit Tax Free –

The Indian Banks Association has demanded from the central government to reduce the lock-in period of fixed deposits. At present tax exemption is available on 5 year fixed deposit. But the Indian Banks Association has demanded from the central government that the period be reduced to three years instead of five.

Advantages of 80C –

At present, if you invest up to Tk 1.5 lakh as per section 80C, you can avail tax exemption. This includes various products like PPF, Sukanya Samridhi Yojana, Life Insurance etc. In 2014, according to 80C, the amount of tax exemption was increased from Tk 1 lakh to Tk 1.5 lakh. So there has been no change in this policy for the last 6 years. But this time it is thought that this may change after 6 years.

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Changes to Basic Limits –

At present the basic limit of tax exemption is Tk 2.5 lakh. In 2014, the basic limit of this tax exemption was increased from Tk 6 lakh to Tk 2.5 lakh. So this policy has not changed in the last 6 years. But it is thought that the amount may be increased to 3 lakh in the forthcoming union budget. It is thought that the decision may be taken in view of the forthcoming 5 state assembly polls.

Published by:Suman Majumder

First published:

Tags: Budget, Budget 2022, Income Tax, Union Budget 2022

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