Budget 2022: What does the salaried class expect from Nirmala Sitharaman's budget?

Budget 2022: As Finance Minister Nirmala Sitharaman gears up to present her fourth Union Budget, taxpayers are hoping that it holds breaks and boosters that the average salaried class desperately needs.

Here are the top expectations from the taxpayers-:

Double the 80C benefit

The section 80C benefit is the go-to tax-saving route many taxpayers take. For 7 years this limit has been the same at Rs 1.5 lakh. Keeping the rising inflation and pandemic salaried individuals are hoping that increases the section 80C limit to at least Rs 2.5 lakh per annum if not double the limit to Rs 3 lakh. 

Budget 2022: Tax slabs and rate, will there be a relief?

Higher tax deductions on home loans

In another bid for tax saving there is a big expectation that the limit for home loan deduction which is capped at Rs 1.5 lakh may be raised to Rs 2 lakh in the Budget. 

Reduce GST on health insurance

Despite frequent requests from the insurance sector there is a still a heavy 18% Goods and Services Tax(GST) levied on the insurance premium. . As health insurance is purchased by direct retail customers, GST contribution increases their cost and makes it unattractive for them. People expect that the government would reduce the GST on health insurance from 18% to a lower slab rate.

Also read & watch: Budget 2022: Is it worth being ‘fiscally’ fit right now?