The Union Budget for 2010-11 will be presented on February 26 two days in advance of the usual date because of government holidays. Everyone’s eyes on budget 2010-11 because of several reasons like inflation, taxation rates, uncertainty of global market. The expectation of common man from the finance minister is too high for the Union Budget 2010-11. Let’s see what happen on the scheduled date of Union Budget 2010. But for the time being, we can talk about the expectations of a common man toward the Union Budget 2010. The expectations are must for us as a general saying “What we see depends mainly on what we look for”. So please give your comment also, these are very important for us and you.
I know all of you (including me) are looking for the decrease in taxes. In Union Budget 2009-10 gave only a little relief to the individuals for “rupee ten thousand” hikes in the taxable income. Then another burden for salaried people is “FBT abolition” because now the tax burden on them. So all individuals, especially salaried people’s expectations are to reduce taxes. The followings are some of the scenario of the common man from the Union Budget 2010. Please comment what you think about that.
- Income tax slab must be raised to Rs. 2,50,000 for individual males. For females the limit will be suppose to Rs. 3,00,000 and for senior citizens it should be increased from Rs. 2,40,000 to Rs. 3,50,000.
- To encourage saving of common man the deduction limit of u/s 80C should be increased from 1,00,000/- to 2,50,000/-.
- Medical expenses tax free limit of Rs. 15,000 should be increased as increasing health care cost in medical sector.
- Transport allowance is allowed upto Rs.800 per month for travelling from home to office and back. This should be increased to Rs.2,500 per month.
- Interest paid for Housing Loan under Sec 24 is Rs. 1,50,000 at present to Rs. 2,50,000 .
- Senior citizens are considered people aged above 65 years. This should be reduced to 60 years. The age factor to determine senior citizens discrepancy should be eliminated.
So awaits from our honorable Finance Minister, he will consider above expectations for Union Budget 2010-11. As a common man, I expect every year “My expectations are not always realized, but I always expect” and at the end of the day “Everything that is done in the world is done by hope/expectation.” So, please give your comment for expectations from Union Budget 2010-11. I expect it will execute.
Related posts:
- Budget 2010: Expectations of Experts
- Union Budget 2010: Construction Services Tax to Raise Cost of Apartments
- Union Budget 2011 – Live Budget 2011-12
- Budget 2011 – Union Budget 2011-12 – Highlights & Full Coverage
- Live Budget 2010 Online
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{ 9 comments… read them below or add one }
Income tax slab must be raised to Rs. 4 to 5,00,000 for all in irrespective of sex and age and then the Finance Minister should not allow any tax deductions under section 80. Let the people spend or save and it is upto the individual concerned. And within this limit, mostly 70% of salaried people will not come under the perview of Income Tax.
KINDLY FIX THE RATE OF PROERTY AS AREA BASIS THROUGH REGISTRAR OFFICE AT THE TIME OF SALE ,BECOZ SO MANY PEPOLE NOT SHOW OF ORIGINAL MARKET VALUE OF PROPERTY AND ALSO INCREASE THE RATE OF STAMP DUTY ON SALE OF PROPERTY.
SO MANY TIME PEPOLE ARE SALE PROPERTY BELOW THE MARKET RATE. THE RESULT IS LOSS OF REVENUE. SO KINDLY FIX THE MARKET RATE TIME TO TIME ON PROPERTY AT TIME OF SALE THROUGH REGISTAR OR AUTHORISED GOVERNMANT AUTHORITIES.
Income tax slab must be raised to Rs. 2,50,000 for individual males. For females the limit will be suppose to Rs. 3,00,000 and for senior citizens it should be increased from Rs. 2,40,000 to Rs. 3,50,000.
To encourage saving of common man the deduction limit of u/s 80C should be increased from 1,00,000/- to 2,50,000/-.
Medical expenses tax free limit of Rs. 15,000 should be increased as increasing health care cost in medical sector.
Transport allowance is allowed upto Rs.800 per month for travelling from home to office and back. This should be increased to Rs.2,500 per month.
Interest paid for Housing Loan under Sec 24 is Rs. 1,50,000 at present to Rs. 2,50,000 .
Senior citizens are considered people aged above 65 years. This should be reduced to 60 years. The age factor to determine senior citizens discrepancy should be eliminated.
In my opinion there is no need to raise income tax slabs, but limit of 80 c should be increase by 1 Lacs to 2 Lacs.
Income tax Exemption limit should be at least 300,000/- and tax rate 10% upto 600,000/-.
The raising cost of living everywhere in india is a difficulty factor the government should consider. Especially the salaried group should get some concession. The tax slab should be more than Rs.300000
INCOME TAX SLAB SHOULD BE CHANGED, INCREASED UPTO 200000/- TAX DEDUCTION & DEDUCTION UNDER 80C SHOULD BE INCREASED UPTO 250000/- & MEDICAL ALLOWANCE UPTO 50000/-
Budget should be depicted take into account the common man interest and should never be on Govt.employee & those of salaried employee.Price hiking of essential commodities is a serious problem and our country’s economy chases towards the borrowing and other expenses towards securities.Tax structure should be in such a way that more tax from salaried employee can be utilized to meet up the inflation and combating inflation by utilising more firmed machinery.
Creation of Pay-commission should be stopped.
However, salary of an employee has increased 30 to 40 % to meet out the expenses in such an upward going inflation scenario but the slab of Income Tax has not been revised so proportionally. I hope that Finance Minister will definitely consider over the matter to get rid of the salaried person from the clutches of tax burden and the step would be proactive.