Expectation from budget – This would be the Fourth budget presented by Ms. Nirmala Sitharaman and second budget since covid has emrged. This Budget would be special as this would be seen as a Pre-poll budget of significant states like UP and Punjab along with Goa Manipur and Uttarakhand. Where central government may try to match the expectation of the people of these states. Further, it is also the second last budget of the Mega Election of 2024 National election. Now what the common man expects from our government. In the last two years, many people have lost their life Jobs, life savings and small traders have lost significant markets. The government has tried its best terms of reducing interest on bank loans to boost Real Estate. However, we have a long way to go due to the repeated version of the Covid virus. Now what the common man expects from the government from this budget.
1. Better Health infrastructure: – In the earlier budget Minister Nirmala Sitharaman announced an increase in the allocation for health by 137 percent to Rs. 2.23 lakh crore (Rs. 2,23,846 crore) from the previous year’s budget estimate of over Rs. 94,000 crores (Rs. 94,452 crores) and by 118 percent from the previous year’s revised budget of over Rs. 1.02 lakh crore (Rs. 1,02,873 crore). Now common man expects better hospitals nationwide so that the common man doesn’t need to run to the private hospital for basic health care.
2. Boost to employment: – In the previous few days we are regularly observing agitation on employment issues, now we expect the government to provide a helping hand to stress sectors such as Automobiles and real states, so more jobs can be created in the market.
3. Benefits in Income tax slab rate:– Salaried class has huge expectation from this budget to scale up their net income that is income after tax and how this will get done this can be done to giving a direct relief on income up to 5 lac, that is no tax up to 5 lac and further rate reduction on further income along with surcharge reduction.
4. Increase the limit of section 80C and other similar deductions: – It is expected for many years that the limit of these sections should be increased from 1.5 lac to 3.0 lac it will be a great help in increase of saving in the hand of many Indians.
5. Increase in the limit of Section 80D:- Due to the increase in health expenditure many people are now taking health insurance and there is a significant increase in people’s awareness and now many people are taking medical insurance. To increase it further, the government needs to double the limit from 25,000 to 50,000.
6. Increase in limit of home loan interest: – To boost the real state and to help the population for their dream home, the government must think of increasing the limit of deduction of interest on home loan from 2 lac to 3 lac.
7. Deduction of Covid expenses: – Almost most people in India have suffered in covid directly or indirectly and incurred significantly on its treatment. Government should allow covid expenses as an expenditure.
There are many expectation in indirect taxes as well ( GST ), for any further queries or suggestions you can reach out to me at [email protected]