Budget 2022: All eyes on poll-bound states

New Delhi, Feb 01: All eyes on the five poll-bound states as Finance Minister Nirmala Sitharaman is all set to present her fourth budget for 2022-23 today. The people of Uttar Pradesh, Goa, Manipur, Uttarakhand and Punjab are hoping that today's budget to be a people-pleaser with infrastructure and developmental announcements.

Political experts expect to see a higher allocation for roads, railways and water.

"In election states of Uttar Pradesh, Manipur and Punjab, greater focus is being put on road and railways and health projects while some port sector related investments and decisions will benefit Goa," the official told Indian Express.

The Budget is also likely to underline state expenses on investment, infrastructure and funding for central schemes.

Sitharaman will present her fourth straight Union Budget when she presents financial statements and tax proposals for fiscal year 2022-23 (April 2022 to March 2023).This would be the second paperless budget due to the ongoing COVID-19 pandemic.

There are plenty of expectation from the Union Budget 2022. There is a demand to revise upward significantly the 80C education available up to Rs 15 lakh. Demands have also been made to make the optional concessionary tax regime more acceptable and raise the threshold Rs 15 lakh income for laying peal 30 per cent rate.

The Industry also wants a specialised regime for taxation of cryptocurrency. This is because crypto assets encompassing a wide array of digital asset like non fungible tokens, wrapped assets tokens will gain a lot of traction. Further the corporates are expecting that a the entire amount of the expenditure incurred for helping the society and employees during COVID-19 will be allowed as deductible expenditure.

During part one of the Budget session, campaigning for phase one of the Uttar Pradesh assembly elections would be in full swing for which votes will be cast on February 10.

When the two Houses meet after recess on March 14, the results of assembly polls in Uttar Pradesh, Uttarakhand, Goa, Punjab and Manipur would be out.