Highlights of Union Budget 2022-2023

Overview of Union Budget

The budget for the upcoming financial year is due to be announced shortly. In the current year, inflation and rising prices has led to all manner of goods becoming more expensive, making it very difficult to keep a track of where your money is going and how much you can spend. So taxpayers are expecting tax rebates or deductions in this upcoming Budget 2022-23, as a way of keeping up with inflation and increasing cost of living.

The union budget for financial year 2022-2023 will be announced by Union Finance Minister, Mrs Nirmala Sitharaman. She has been presenting Union Budget for past 3 years, and this will be her 4th year. The announcement of union budget will be on 1^st of February, 2022.

Here's what everyone is expecting form Union Budget 2022-2023

• Direct Tax
  • Tax on Cryptocurrency
  • Work from home allowance deduction
  • Standard deduction
  • Limits of Section 80C
  • Limits of Section 80D
  • New tax regime
  • Tax-saving fixed deposits in parity with ELSS
• Indirect Tax
  • Introduction of a reverse charge mechanism for pushing GST compliance
  • Revision of annual GST returns