Budget 2022: What Is In It For Common Man?

Income Tax News: In Budget 2022, FM Sitharaman did not announce any change in the income tax slabs and rates. No change was announced on the standard deduction.

Written by: India.com Business Desk Edited by: Raghav Aggarwal

Published: February 2, 2022, 2:57 PM IST

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Budget Session 2022: The session will resume today with Covid-19 protocols (File Photo)

New Delhi: Common man, the aam aadmi of India, waits for the Budget eagerly. The expectations range anywhere from news on Income Tax to news about infrastructure development. Let us thus decode what Budget 2022 has in the store for common middle-class men of this country.

Income Tax

In Budget 2022, FM Sitharaman did not announce any change in the income tax slabs and rates. More importantly, it was being anticipated that due to rising inflation and the high cost of the pandemic, the government might increase the standard deduction limit. This too was not done. It stands at Rs 50,000, the same as before.

Apart from this, there was no change in the corporate tax rate. It has been kept constant.

60 Lakh Jobs

FM Sitharaman, during her budget speech, said that the government aims to create 60 lakh jobs. This will be done through PM Gati Shakti. The government, according to FM, is focussing on empowering women, youth and the poor of the country.

Sitharaman also said, “Production Linked Incentive (PLI) Scheme for achieving Aatmanirbhar Bharat has received an excellent response, with potential to create 60 lakh new jobs and additional production of 30 lakh crore during next Keycap digit five years.”

Tax On Cryptocurrency

The government also announced a Central Bank Digital Currency (CBDC) which will be launched by the Reserve Bank of India (RBI). Apart from this, the government has also announced a 30 per cent tax on the income from the transfer of ‘digital assets’. According to experts, this move has made crypto legal in India. The move was being anticipated for quite some time now.

Diamonds, Gemstones To Get Cheaper

FM Sitharaman also slashed import duty on cut and polished diamonds and gemstones to 5 per cent from 7.5 per cent. This is expected to make these assets cheaper.

New 400 Vande Bharat Trains

The government also announced the introduction of 400 new Vande Bharat trains. This pushed steel stocks upwards, Tata Steel gained the most. FM also said that the contracts for the multi-modal parks will be awarded next fiscal.

Healthcare Sector

Finance Minister laid a special focus on mental health. Budget 2022 launched tele-counselling for mental health in collaboration with IIT Bangalore. The government also launched National Mental Health Programme.