Finance minister Nirmala Sitharaman will address a press conference on Tuesday, January 18. An important economic issue will be briefed during the press conference, according to the advisory released by the Centre. “FM Nirmala Sitharaman will address press conference today on an important economic issue, 18 th Jan, at 4.30 pm in Delhi,” the advisory mentioned.
It must be mentioned that the Centre is all set to present the Union Budget 2022 on February 1. To revive the Indian economy after deadly coronavirus pandemic and month-long lockdown to prevent its spread, finance minister Nirmala Sitharaman focussed on these six pillars in Union Budget of 2021 — health and wellbeing, physical and financial capital and infrastructure, inclusive development for aspirational India, reinvigorating human capital, innovation and R&D, and minimum government maximum governance. Several direct tax reforms such as income tax relaxation for senior citizens of 75 years age and above, national faceless income tax appellate tribunal centre, pre-filing returns, advance tax on dividend income were proposed among others. The overall capital expenditure for FY 2021-22 is Rs 5.54 lakh crore.
Middle class salaried expect a host of measures from finance minister Nirmala Sitharaman in Union Budget 2022. From simplifying National Pension System (NPS) to work from allowance, a bouquet of proposals have been shared with finance minister for the upcoming budget.
Sharing the budget expectations for Union Budget 2022,
Saurav Basu, head of wealth Management at Tata Capital, said “In order to provide relief to the taxpayers, the government could consider introducing reforms to expand ELSS category savings to include fixed incomes, rather than just equity schemes to provide investors with more choice. We are also looking forward to the finance minister’s views on capital gains tax to simplify and bring uniformity in the structure.
“In terms of the income tax, we expect the government to revise the tax slabs or increase standard deduction so that people would have more disposable income. On the direct taxes front, the government should also provide some key concessions that will help to promote broader macro goals like employment,” he further added.
To encourage people to buy insurance policies in the aftermath of pandemic, the analyst expect few measures from finance minister Nirmala Sitharaman. “The pandemic has lent great importance to insurance and we hope the government will reduce the 18 per cent GST being levied on insurance premiums, so that the overall cost of cover remains affordable to the population. A GST of 5 per cent on policy premiums would encourage more people to opt for insurance plans,” he added.
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Source: News18