Union Budget 2022: No tax break but important aspects addressed

NPS is the only scheme without any rupee value limit (the limit is a percentage of salary and not a specific rupee value) on the deduction

The reaction to this year’s Budget reminded me of the annual off-sites hosted by corporations. The management discusses the external environment, the exciting new products and strategy to succeed in an uncertain, challenging, and competitive environment. They discuss separate responsibilities for the team, the coordination required as also the impact on salary costs. Most people listen with half an ear to everything else but perk up when the impact on immediate salaries (read tax breaks) is announced. This Budget had no tax break announcements and hence the feeling of disappointment.

Let me make an attempt to highlight some of the announcements