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Budget 2022: Income tax deductions and benefits that the salaried expect

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Budget 2022: Income tax deductions and benefits that the salaried expect

Budget 2022 is coming. Unfortunately, due to the recent surge in COVID cases in the country, taxpayers are increasingly expecting relief and deductions that should be offered to individuals. Some key expectations are mentioned below.

lower income tax rate

Currently, the top tax rate for individuals is 30%. Additionally, individuals can be taxed as high as 42.744% due to surcharge and education taxes, while the applicable rate for domestic corporations is only 25% (plus applicable surcharge and education taxes).

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In light of the above, taxpayers are pleased to see the tax rate dropped from 30% to 25% for individuals earning more than Rs 10,000,000 (under the existing system) and individuals earning more than Rs 15,00,000 (under the new system). regime).

The rapidly increasing cost of living has led to increased expenses for children’s tuition, medical expenses, rent, etc. The following revisions will increase the disposable income of middle-income households and will also encourage them to invest:

  • Increase the deduction limit under Section 80C of the Act to Rs 250,000 (from Rs 150,000).
  • Increase the home loan deduction limit for owner-occupied properties from Rs 200,000 to Rs 250,000.

Complete News Source : Money Control

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Music

While a Punjabi vocalist croons, PM Modi replicates Diljit Dosanjh’s beats and beats the table like a dholak. Observe

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While a Punjabi vocalist croons, PM Modi replicates Diljit Dosanjh’s beats and beats the table like a dholak. Observe

Prime Minister Narendra Modi recently met acclaimed singer- actor Diljit Dosanjh, describing their interaction as “very memorable.” 
Prime Minister Narendra Modi met singer-actor Diljit Dosanjh and lauded him as “a combination of talent and tradition.” During the “memorable’ meeting”, the two discussed music, culture, and India’s vibrancy, including yoga.

Diljit, PM Modi match beats

During the meeting, PM Modi praised Diljit for his achievements, saying, “When a boy from a small village in Hindustan shines on the global stage, it feels amazing. Your family named you Diljit, and you keep on winning people’s hearts, just as your name suggests.” Diljit responded, “We used to read that ‘Mera Bharat Mahan’ (My India is great), but when I travelled across India, I realised why people say this.” PM Modi highlighted India’s diversity, saying, “India’s vastness is its strength. We are a vibrant society.”

Diljit added, “The greatest magic in India is yoga.” PM Modi agreed, saying, “Those who have experienced yoga know its power.”

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The singer-actor also admired PM Modi’s personal journey, saying, “I had watched your interview, sir. The position of Prime Minister is great, but behind it, there is a mother, a son, and a human being. Many times, this half-truth is much larger when you carry your mother and the sacred Ganga with you. That touches the heart.”

Diljit then sang a song on Guru Nanak, as PM Modi listened intently, beating the adjacent table like a dholak, matching his beats with Diljit’s.

Diljit, PM Modi express grattitude

After the meeting, Diljit Dosanjh expressed his gratitude, calling it a “fantastic” way to start the year. He posted on X, “A fantastic start to 2025. A very memorable meeting with PM @narendramodi Ji. We talked about many things, including music, of course!”

PM Modi responded to Dosanjh’s post, describing their meeting as “a great interaction.” He said, “A great interaction with Diljit Dosanjh! He’s truly multifaceted, blending talent and tradition. We connected over music, culture, and more.”

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Diljit recently concluded his Dil-Luminati tour in India with a grand performance in Ludhiana. Throughout his concerts at various venues, the singer aimed to address important social issues during his performances.

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