NEW DELHI: There are many expectations from the upcoming Union Budget 2022, scheduled to be introduced on 1 February, with many Indian households nonetheless scuffling with the monetary stress brought on by the covid-19 pandemic. As medical bills rose due following the pandemic, about 35% Indians need bills associated to therapy of covid-19 to be allowed for tax deductions, as per a survey performed by market analysis firm YouGov. About 30% respondents stated the finance minister ought to improve deductions for medical bills underneath Section 80D.
The main expectation amongst respondents who recognized themselves as center class or poor was that the federal government ought to increase the revenue tax exemption restrict to ₹5 lakh from the present ₹2.5 lakh with virtually each two in 5 respondents saying this.
Another 32% respondents stated they need the federal government to ease tax burden on the salaried class by rising the restrict of ordinary deduction from the prevailing ₹50,000.
The survey additionally gauged Indian’s diligence in paying taxes. Nearly-two third of the entire 1,022 respondents stated that they pay revenue tax. Among those that did, a big 65% stated they’re sad with the present tax construction, with about 75% saying that the tax construction ought to fluctuate relying on an individual’s financial standing.
Salaried part additionally desires tax deduction on housing mortgage curiosity underneath part 24 to be raised. Interestingly, millennials (32%) are more than likely to count on this tax incentive as in comparison with Gen X (28%) and Gen Z (19%),” the survey stated.
When requested concerning the completely different professions that may be excluded from the ambit of taxation, about six in ten (60%) city Indians stated they really feel farmers shouldn’t pay any taxes. Interestingly, practically half of the respondents stated businessmen ought to be paying a better revenue tax than different residents as they’re a richer class.
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