Aam Aadmi Expectations from Union Budget 2014-15

2014 Budget

And now when the much-awaited BJP government is in, all eyes are towards the Union Budget 2014-15, which will be presented by Finance Minister Arun Jaitley in the second week of July.

People are waiting keenly for the Union Budget. From businessmen, corporate leaders, investors, economists, students, farmers to working class, salaried classes, and home-makers, everyone is expecting a friendly budget by the new government.

The Finance Minister has to address key concerns faced by the country. The growth rate, which is heading south, and inflation, which is heading north, need to be taken care of on an urgent basis.

Possible expectations of the common man:

The government need to keep in mind the expectations of common man from the Union Budget. They have to be deal in such a manner that the budget is a winning situation for both the people of India and government.
The government should raise tax exemption limit to at least Rs 3 Lacs per annum, which at present is Rs 2 Lacs per annum. It will increase the disposable income and which in turn will maximize the spending power. Also, the tax exemption limit for women earning up to Rs 4-4.5 Lacs.

The annual limit for medical reimbursement paid by a person for himself, spouse or dependent amounting to Rs 15,000 also needs to be hiked.

The RBI and the government should work in tandem to find a solution to the problem of inflation as curtailing the biting inflation has become a headache for the entire country.

It would be interesting to see how the government handles the problem, there are different opinions as far as dealing with inflation is concerned.

Every one has a dream to own a house but rising prices of property are such a roadblock. The government could raise the tax exemption limit for interest payment on housing loan to Rs 3 Lacs per annum from the existing Rs. 1.5 Lacs.

The rising fuel price is directly related to inflation. Its a vicious circle. With the increase in fuel prices, there is an step-up in prices of all commodities. The new government should simplify the procedure of getting education loan and the rate of interest on educational loans should be reduced in order to make foreign and domestic education more affordable.

Section 80C of the Income Tax Act presently allows deduction of Rs 1 Lacs for various investments, such as Mutual Funds, PPF, Provident Funds, Fixed Deposits and many more. The upper limit should be increased as far as Section 80C is concerned, as this will not only increase investments but will also bring down taxes to be paid.


Source: zeenews.india.com

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