Union Budget 2022 Highlights

Finance Minister Nirmala Sitharaman on Tuesday presented the Union Budget 2022 for the financial year 2022-23 in Parliament. As per the budget, the country is expected to grow at 9.27% in the coming years. With a focus on 4 development pillars – productivity enhancement, inclusive development, climate action, and energy transition- the budget 2022 provides a blueprint of the economy from 75 to India at 100.

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The key elements of the Budget that are being strongly observed include, among other things, provident funds, pensions, individual income tax, and spending on healthcare, which has been the most active segment due to the rise in medical claims. The government kept the slabs of income tax unchanged. In addition to this, the tax deduction limit for state government employees’ contribution to NPS increased to 14 % from 10%. Finance Minister announced tax relief for specially-abled persons. Lump-sum and annuity received to guardians or parents attaining 60 years during the lifetime of disabled individuals will be entitled to tax relief.

Nearly, all the current post offices will come under the core banking process to allow online access to the account and also, the fund transfer between post office bank and commercial bank. Among the big announcements include a slew of initiatives for women. Three schemes (Mission Poshan 2.0, Mission Shakti, and Mission Vatsalya) were introduced to provide integrated development for children and women. 2 lakh anganwadis will be upgraded under this project. In a major push for digital currency, FM stated that the digital rupee will be issued by RBI using a blockchain system in 2022-23. She also added that the income coming from the transfer of any virtual digital asset shall be taxed at a 30 % rate.

˜Top 5 plans based on annualized premium, for bookings made in the first 6 months of FY 24-25. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan.
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
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