Budget 2022 Podcast | Revise basic income tax exemption, Section 80C limits: Tax2win suggests to Nirmala Sitharaman

Finance Minister Nirmala Sitharaman is all set for the Budget 2022 speech on February 1 and what citizens await the most are the announcements on income tax.

In this episode of the Budget Podcast, CNBCTV18.com’s Kanishka Sarkar gets in conversation with Abhishek Soni, co-founder of Tax2win, to find out what the salaried personnel expects from the Budget for the 2022-23 fiscal.

Will there be a change in the tax structure for consumers to be able to spend more? While multiple reports on the subject are doing the rounds, Soni suggests the government take measures to increase the disposable income of individual taxpayers. “We end up paying about one-third of the income in taxes,” he says.

And to fix this, apart from considering increasing the rebate available under Section 80C, he thinks Sitharaman must raise the basic exemption limit to at least Rs 5 lakh from the current Rs 2.5 lakh.