On February 1st, Finance Minister Seetaraman will unveil Budget 2022. The taxpayers are anticipating Reduced income tax rates, particularly for salaried individuals. The slab rates were changed from Rs 2 lakh to Rs 2.5 lakh in the Finance Act of 2014, which was the last year they were changed. In this budget, the government must reassess the taxation system of slab rates in an effort to force it in line with rising inflation.
The interest rate on home loans should be lowered in Budget 2022, This is one of the major expectations of a Salaried Individual
It is anticipated that the interest on home loans will be deducted at a greater rate. Currently, an individual can claim a deduction of up to Rs 2 Lakhs for interest paid on a loan acquired for the sale or construction of a self-occupied residential property each year.
