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Countdown to the Union Budget - our wishlist

We are just a day from the Union Budget. More focus on Pranab's strategy to
  • counter the fiscal deficit, 
  • push the GDP growth, 
  • control the inflation,
  • roll out plan for GST
  • Plan for the Direct Tax Code roll out
For individuals,
  • Increase in basic tax exemption
  • increase in medical reimbursement limit (from 15000 to atleast Rs.50,000), considering the cost of medication.
  • Increase in the deduction limit u/s 80D for mediclaim insurance to Rs.50,000.
  • With the skyrocketing education cost, there should be a separate deduction for this. This category should be removed from 80C.
  • Increase in the exemption limit for transportation (from the current Rs.800 pm) in line with the pay commission recommendation.
  • Increase in the gratuity exemption limite (from Rs.3,50,000 to Rs.10,00,000).
  • Increase in the 80C deduction limit from Rs.1,00,000 to Rs.2,00,000
  • Reducing the short term capital gains.
  • Senior citizens - Increase in the basic exemption limit.
For Business:
  • Phased removal of stimuli - rather than sudden removal
  • GST roll out plan
  • Extension of STPI tax benefit
 Let us see, how much Pranab can make the wish come true.

Cheers,
Gopal

1 comments:

Anonymous said...

Educational institutions run by those other than really charitable institutions should be brought under the tax net. The business community calls education as 2000 crore revenue generating industry. Out of these, only Rs. 50 Crore is a really charitable institution. Taxing that industry will benefit the Government. Recommended

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