This is the fourth time in a row that Sitharaman has presented the Union budget. Prime Minister Narendra Modi was also present in the Lower House. He also chaired a Cabinet meeting today, during which the Union budget for 2022 was approved. FM Nirmala Sitharaman Speech has started.
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This year, the budget has been dematerialized for the second consecutive time, as previously announced by the Ministry of Finance. The Union budget 2022-23 would also be available on the mobile app after the Union budget presentation process. Before reaching parliament, the finance minister posed with her tab containing the budget documents.
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Watch the 2022 Union budget live here
What are the income tax changes in this budget?
There were no major changes to income tax brackets in the 2022 budget. However, the government has given taxpayers a two-year window to correct their returns for a particular tax year.
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In addition, the budget emphasized ease of tax compliance, simplification and digitization, and ease of doing business. Measures to support small businesses and the rural economy were also taken in Budget 2022. Check this space for Budget 2022 highlights.
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The framework for the budget presentation was prepared by the economic survey indicating that the government has the fiscal space to do more to support the economy which is expected to grow at a healthy 8-8.5% over the of the 2022-23 financial year.
The budget presentation usually lasts between 90 and 120 minutes. In 2020, Nirmala Sitharaman broke her own record and gave a marathon speech of 162 minutes (two hours and 42 minutes) despite having her speech cut short due to health issues. Budget news can be watched live on Sansad TV or Loksabha TV, when Nirmala Sitharaman presents the newspapers.
Read all the latest news, breaking news and Union Budget 2022 updates here.