Budget 2022 Highlights: Nirmala Sitharaman Cuts Income Tax Rates for Aam Aadmi

  • Insurance coverage raised to 5,00,000 from the existing 1 lakh, said Finance Minister, Nirmal Sitharaman.
  • Government to provide 99,300 crores for the educational sector in FY 2022-2021.

Personal tax simplified

  • For people with income between 12.5 – 15 lakh, the new income tax rate will be 25%.
  • For income more than 15%, it will grab an income tax will be charged at 30%.

Personal tax rates dropped

  • People have to pay 10% income tax if their income is between 5- 7.5 lakh.
  • He or she with income between 7.5 lakh- 10 lakh, will have to pay 15%.
  • People earning 10 lakh- 12.5 lakh, will have to pay 20% income tax.
  • Central government on Saturday(1st Feb 2022) proposed a budget of 27,300 crore for the development of industry and commerce during FY 2022-2021.

Power to the power sector

  • India to invest 273 billion or promotion of industry and commerce.
  • Firms operating old thermal power plants suggested to close units if emission norms not full filled.

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