This will reduce the social security burden of the Government.”Ībhishek Soni, CEO & Co-Founder, Tax2win.in With an increase in re-insurance premiums amidst the pandemic, there is also a need to provide enhanced deduction for insurance premium irrespective of the taxation regime opted by individuals/ HUF. We propose a separate section under the income tax act which allows individuals to opt for an additional deduction over and above 80C for investing in a Life Insurance policy. 1,50,000 that an individual can avail gets divided with Pension Fund, NSC, PPF, SCSS, ELSS Mutual Funds, 5 years Bank FDs and Post Office Deposits. We therefore propose to ease off the tax burden of 18% on term insurance policies and bring down the GST rate in the range of 2-5% to benefit end users.įor many years, life insurance is clubbed u/s 80C and the maximum tax benefit of Rs. With the current level of under-penetration, the key task at hand is to make this significant financial protection tool more affordable for the masses and lucrative for taxpayers. The ongoing pandemic has made Indians realise the importance of term insurance for the safety and security of their family. Parag Raja, MD & CEO, Bharti AXA Life Insurance Continued government spending on infrastructure projects would further propel demand for both the passenger and commercial vehicles.” A relook into the existing taxation structure with a clear focus on the direct tax changes to boost consumption, export promotion, direct job creation and promotion of digitization is highly desired.
With stable policies and a clear roadmap for the sector, an accelerated growth can be achieved transitioning the industry swiftly into the emerging e-mobility era, putting Indian auto industry on the global map. “The Union Budget should aim at long-term holistic growth for the auto industry prioritizing job creation, infrastructure development, introduction of latest technologies and increased de-carbonization efforts. Martin Schwenk, Managing Director & CEO, Mercedes-Benz India Apart from impacting health insurance, considering the increasing natural catastrophes, we also anticipate that segments that are impacted by economic losses if are mandated to opt for fire and property insurance, it can reduce the burden of economic losses.” To bring a change in this scenario, we believe considering the ease on taxes and increasing the tax exemption under 80D especially on health insurance premium, can help boost a bit of penetration. “The pandemic has been a catalyst in raising awareness around the need for health insurance, however India continues to remain under-penetrated insurance market.
P C Kandpal, MD & CEO, SBI General Insurance Sectors to focus on would be banking, automobile OEMs and ancilliaries benefiting from move to electric, and companies in electronics sector. Furthermore, impetus on green energy and electrification of the automobile sector would also likely be a big focus of the current government. Furthermore, incentives to revive corporate capex will also be watched keenly as investment cycle can have a multiplier effect on India's economy. With direct tax collection of 9.5 lac crores and GST collection of 10.7 lac crores till December, this maybe one of the few times in India's history that we actually do better than the fiscal deficit target for the year! Furthermore, this year's budget would be important to continue the government's stance last year by focusing on reviving the investment cycle in India through government spending in infrastructure and capex and housing. The 2021 budget was a hallmark event as it focused on reviving aggressive growth in India, without much concern for the fiscal deficit. Vaibhav Agrawal, CIO & Founder, Teji Mandi Here are all the LIVE updates on Budget 2022 Expectations:. There are a lot of expectations from Budget 2022 as people from various walks are pinning high hopes on the Modi government's decisions and announcements on various sectors.
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The App can also be downloaded from the Union Budget Web Portal ( The budget documents will also be available for download by the general public on Union Budget Web Portal ( Budget 2022 Expectations
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The mobile app is bilingual (English & Hindi) and is available on both Android and iOS platforms.
The mobile App allows complete access to 14 Union Budget documents, including the Budget Speech, Annual Financial Statement (commonly known as Budget), Demand for Grants (DG), Finance Bill etc. The Union Budget 2022-23 would also be available on the Mobile App after the process of Budget presentation has been completed on 1st February 2022 in the Parliament.
A “Union Budget Mobile App” was also launched for hassle-free access of Budget documents by Members of Parliament (MPs) and the general public.
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