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  • Category: Miscellaneous

    How do you want this year’s budget to be


    With the Central Government gearing up to present the Annual Budget on the 01st of February, what are your expectations and calculations as a common citizen? We may not be financial experts but being citizens who are affected directly or indirectly by every budget, all of us do have some expectations and dreams whenever the d'day arrives? Let us discuss and share our views and dreams without being politically motivated.

    Finance Minister Sri Arun Jaitley is to present the nation's Annual budget on February 1. The people had to undergo suffering and sacrifice for about two months and more since Nov 8 last when the currency withdrawal was announced. Naturally people expect a sort of reward for the understanding they have shown to the purpose of the government's action and the faith they reposed on the government even when they were suffering.

    Each one of us has a special expectation and wish how the budget has to be for his/her benefit.
    What are your expectations and dream about the coming budget? Please share your realistic expectations freely.
  • #589273
    I think tax slab is long time pending to be raised to 5 L bar. And that's the only thing people want this year. Anything else won't be much of help. Because due to demonetization people are already having issues. With tax slab raised to 5L from 2.5 would help a lot of people.

    Apart from that I think it'd be good if they simplify taxes in business and also reduce service tax burden in hotel. Lot of hotels are not even worth paying the service tax. Also the tip is expected from the cost being charged.

    I think senior citizen needs to also get some good tax benefits and some services. Apart from NPS and stuff I think there needs to be some sort of healthcare inclusion programs for senior citizens.

  • #589277
    Well post demonetization the mood of the people is against the central government and the way the rules were released every morning and how the banks were not following added more hardships to the people across the country and the outrage is being silently kept to be shown during general elections. So if our Finance Minister Arun Jaitely is shrewd enough he must come with some face saving schemes for the general public who were more sincere in depositing what ever money they had and thus given the cushion to the banks which were gone nearly bankrupt by giving big loans to corporate world and never had the intention to get back the same. General public wants some sort of sops from the government as cash rewards. Still the black money holders are not punished or caught. Government can always take action against them but some advance money should be deposited in every account at the advise of PM Narender Modi.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #589288
    Mr. Venkiteswaran has initiated a very good thread for discussion. My wish-list is given below:-

    (a) Government must increase the budget allocation in health sector. Not only budgetary allocation, the infrastructure must be improved. Central Government must also encourage State Governments to follow its footsteps (as Health is in concurrent list).
    (b) Defence allocation must be increased to match our might with that of China. Otherwise we have to bear the hegemonistic attitude of China. The allocation for capital expenditure in defence budget must not remain unspent. This means we must not hesitate purchasing weapons and weapons systems with ammunitions.
    (c) The heavy burden of service tax must be brought down to some extent. The reate of service tax is very high in India.
    (d) The income tax slabs must be changed for the benefit of the people who pay income tax. On the other hand, more people must be brought under the aegis of income tax.
    (e) More stress should be given on safety aspect in railway and providing better service to passengers. For this purpose, rail fare should be increased reasonably.

    Caution: Explosive. Handle with care.

  • #589300
    Every time people have lot of expectations from budget and that way this budget is no exception. Budget is basically an exercise for the Government to work out the revenue in and out. So Government can not give many sops just like that but people have expectation and hopes on such occasion.
    In general people look for change in slab and rate cuts.
    I hope that there may be some change in slab to give relief to tax payers at boundary. There is also a possibility that for better tax realization the top rates may also be curtailed.

    Knowledge is power.

  • #589391
    With elections around the corner in a few states and also keeping in mind the previous budgets of this government in mind, I know that it may be a populist budget but I expect it to be realistic too. Other than some tax rebates, I sincerely hope that this budget touches the core problems that we are facing as a nation. No budget can be expected to be 100% perfect but more than trying to project Utopian ideas and aspirations, I hope the budget will give a feel that the common man is being cared for.
    Knowledge is knowing tomato is a fruit; Wisdom is not putting it in fruit salad - Miles Kington.

  • #589425
    Oh king ! Reduce the tax burden and relieve us.
    Every one wants that his tax liability should go down. Given a choice no one wants to pay tax. We have recently seen during old currency ban that a large number of shopkeepers and businessmen are selling merchandise without invoice and escaping the network of tax collection as well as saving tax for themselves.
    Good governance and fool proof systems are required in Govt machinery to catch and bring these people in tax net then only the tax revenue will increase and we can hope for rate cuts in tax slabs. Strengthening computer systems and servers may also help in this regard.
    Still we feel that this Govt may consider change in basic exemptions if they really want to be public friendly.

    Thoughts exchanged is knowledge gained.

  • #589429
    I also have my expectations about the coming budget.

    Dear FM, you or your(our) government has taken away the full effect of whatever income we have now by way of surcharge and service taxes. Since last year even when the base prices have not gone up , most service have cost me more than the previous year because of extra surcharge and cess and bringing under service tax.

    On and above these, each and every essential item from salt, milk, rice, Atta, , oil pulses--and what not have shot up like the rockets we tested recently.
    Sothe income in our hand is not evn sufficient for the essentials. On a very preliminary guess, I feel that now I am incurring 60 percent more than last year for the same utilities and essential items.

    Hence my humble request is please release at least additional 60 percent of my last year's income from income tax.

    If the threshold was 2,50,000 last year add 60% i.e 1,50,000 and make the tax exempted threshold to Rupees four Lakhs.
    Also extend the current tax slabs limits by sixty percent or reduce tax rate by sixty percent.

    Please do not allow further reduction of deposit interest,
    because that will penalise those who save , and those in their sixties , seventies and eighties whose only income is from their hard saved money kept as deposits.

  • #589434
    Since the budget - session is approaching fast and we being the senior - citizens would like to hear some good news from the finance minister by declaring a pronouncement that there would be no more reduction of interest - rates in the fixed - deposites launched by the Banks so that the government could see the smiling face of the senior citizens.
    Secondly there is unmanageable level of inflation and as such this has impacted their food habits. Throughout the year the prices of pulses. attas and other essential items remained sky - rocketing and as a result, common men had to adjust their budgets. Keeping all these things under consideration, there should be upward revision of the income- tax slabs.
    Let us hope for some betterment in the budget - session.

  • #589439
    The first point of discussion whenever comes on the subject "Union Budget", is individual tax slabs. So, ultimately every direct tax payer would prefer to widen the slab rate as much as they can. Too many exemptions, deductions are there in the present setup of direct taxation in our country which is an item to be think of by the Finance Minister to reduce them or to completely eliminate them by increasing slab rates at a higher level.

    Next point to focus on the items which are pouring fuel to increase the inflation which in turn becoming burden to the common man, are to be prioritised and highlighted. Some incentives through schemes may be given as the common man has been pinched like anything during demonetisation.

  • #589445
    What I expect is - The budget should be favourable to government employees, the pensioners and the senior citizens of our country. No tax up to 5 lacs. 5 percent from 5 lacs to 7.5 lacs. 10 percent from 7.5 lacs to 10 lacs. Senior citizens should be considered for tax exemption for any amount.

    Will our FM read this thread and understand this to implement it? God only Knows.

    No life without Sun ¤

  • #589458
    The budget should be favorable for house wives.Prices of food items should be checked.Tax relaxation should be given as usual.

  • #589476
    Tax slab, which is under most of the discussion s and expectations. But when I see only 3% of us pays tax then I feel not just relaxation on present slab should be there but also there should be some provision that taxpayer get concessions in other major transaction they do
    Other important things which should be done to include more and more business class into tax. Guidance to improve online transactions should be made more available.
    Some military change in real estate and less inflation is all what I expect from this budget.

    Regards:
    Chitra Rana

  • #590715
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