From higher standard deduction and change in tax slabs to clarity on Covid insurance, here’s what tax experts want from Budget 2022

It’s Budget 2022 time, and when it comes to money matters, now is the time to make wishlists.

The post-pandemic world has seen the middle class run from pillar to post for almost everything, from ensuring they are healthy to setting up a work environment at home and making sure their children are able to attend their schools online.

In these times, the pressure on the wallet has only increased. While those who earn a salary have been under pressure, the ones who run small businesses – like the kirana stores (mom and pop outlets) – have been very adversely impacted too.

Making matters worse, inflation is currently at a 5-month high and it could become a pain point for the Indian economy. The consumer sentiment is still below pre-Covid levels, according to a survey by Centre for Monitoring Indian Economy.

With the Union Budget 2022 just around the corner, Business Insider India spoke to tax experts from KPMG India, Aakanksha Goel, Direct Tax Partner, T R Chadha & Co LLP, and Abhishek Saxena, Partner, Phoenix Legal, to understand what are the income tax expectations from the government this year.

Budget 2022: Income Tax wishlist