Budget 2022 & Individual Taxpayers

There is an old saying that ‘No news is good news’. Similarly, this budget also, in a way, brought cheers for individual taxpayers since there was no news regarding increase in tax rates or any new tax being introduced.

- Anil Chopra

There were apprehensions in media that an effort may be made to reintroduce taxes like wealth tax, or inheritance tax, which is popularly known as Estate duty also. However, nothing of that sort happened. So, individual taxpayers can have a sigh of relief.

The best part of this budget is that there is hardly any change relating to tax provisions applicable to individual taxpayers. Tax slabs are unchanged. The maximum amount of deduction under section 80C continues to remain Rs.1.50 lakhs. All other important deductions like 80D for mediclaim, 80CCD for NPS, 80TTA/80TTB for interest on saving bank accounts/ bank deposits, all remain unchanged. Hence, there is not much to discuss or worry about. Still, there are few points in this budget which need to be understood and taken a note of.