Saturday, February 21, 2015

Expectation from general budget : More relief in taxation

Budget Expectations for Salaried Class
 Salaried class is a huge portion of tax-paying citizens.  They have been complaining of very slow growth in last 2-3 years because inflation has been very high and they have not received good raise from their employers and their disposable income is getting squeezed. So, salaried class citizens have huge expectations from section 80 C deduction which was increased from Rs 1 to 1.5 lakhs last year which should be further increased to at least 2 lakhs if not 2.5 lakhs,
so that they can save more for future goals and thereby they can also reduce their tax liability.  And similarly salaried class taxpayers are also expecting that section 80 D limit of health insurance should also be increased from current limit of Rs.15,000 to Rs.30,000 because the health insurance premiums have gone up, primarily because of increase in the health care cost. And of course, they are also expecting that the minimum exemptions limit should be increased from current 2.5 lakhs level to 3 lakhs level so that they get relief in over all tax liability.  Also, there is a strong case for revising the current relief of Rs.800/- pm as tax-free Conveyance Allowance U/s 10(14) to Rs.2,000/- pm as this limit was fixed several years ago and it has not been changed since then. 
Budget Expectations for homemakers
 And when it comes to home makers, mainly the housewives, of-course they are expecting relief in price of LPG Gas which is the big part of house hold monthly budget.  Also, higher disposable incomes in the hands of their spouses by reducing tax liability will lead to higher allocation of monthly household budget.
 Budget Expectations for Retired/Senior Citizens 
Retired and Senior Citizens expect income tax exemption limit should be increased from current Rs 3 lakhs to 5 lakhs, which is currently the limit for super senior citizens. There should be more announcements in terms of investments options that offer tax free income and they can increase their overall returns so that their retired life is much more comfortable. These are the some of the expectations from different groups of people, now let us see how many of these, the Finance Minister can fulfill.

Source ; An article published in moneycontrol.com

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