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