Union Budget 17-18

What's the latest hot topic of Indian household these days after demonetization or re-monetization effect, you guessed it right, it is the upcoming Union budget 17-18.

Everybody is expecting a budget, full of goodies: something for everyone.

So, what's there to look forward, expect tax exemption, higher slabs of reimbursements for salaried people, welfare schemes, job creation to jump start the dormant economy.

While so much is said and done since demonetization, the common man of the country is keeping the hopes high for a favorable budget. And why not? Since the budget is coming within few months of demonetization, and demonetization bringing a huge amount of money back into the circulation, it is expected that Budget for 2017-18 may have higher thresholds for levy of income tax for individual tax payers. It is also expected that income tax rates applicable to individuals will be reduced. As a result, all the middle class consumers are expected to have higher disposable income and hence higher purchasing power. Sounds good, eh.

Well as a citizen of the country I am hopeful on the steps taken by the government to eradicate terrorist funding, black money and extracting right share of taxes from large part of the population by making India a "less-cash" economy if not cash-less economy.

The Hon'ble Finance Minister Mr. Arun Jaitley had recently said that - demonetization will not only bring back the unaccounted wealth into the economic system, it will also pave way for tax relief to honest tax payers by bringing the rates down.

Let’s see what a majority of Indian is expecting from the upcoming budget:

1.  Relaying of the tax slabs, may be like up to 5 Lac as nil
2.  The medical reimbursement limit which is currently Rs 15000, provided by the employer to go up to Rs 50000
3. The current exemption for Transport allowance or Conveyance allowance is capped at Rs19200 per annum, this may increase up to Rs 36000 per annum.
4. The all time favorite LTD may also get a make over and may get expanded to include expenditure incurred from foreign traveling and as well include ancillary expenses like cost of boarding and lodging.
5.  Hopes are high for Rs 2 lakh which is currently available as a deduction for the interest paid towards the housing loan for a self occupied house property to be increased to the lower of Rs 5 Lac or actual interest paid. 
6.  Reintroduction of standard deduction for salaried employees.
7. Complete exemption of receivables at maturity under NPS (EEE) would be another welcome measure.

Sketch Courtesy: a friend

 

"दौड़ो भागो जल्दी आओ 

जल्दी जल्दी पाँव बढ़ाओ 

छुटकी, बड़की, अम्मा आओ 

बापू, गप्पू, भैया आओ 

देखो दौड़ा आया फौजी 

पीछे दौड़ी कमला भौजी 

वो देखो चला आ रहा किसान 

उनके पीछे आया पहलवान 

साहब आया, मैडम आयी 

नवाब आये, बेग़म आयी 

पंडित आया, मौलवी आये,

पीछे आया सलीम नाई ,

देखो खुला है नया पिटारा 

कहते इसको बजट हमारा 

इसने देखे, उसने झाँका 

सबने पूछा क्या आया ?

सब कुछ देखा,

सब कुछ पाया,

फिर मंहंगा मंहंगा चिल्लाया 

ये होती है बजट की माया 

टूटी कमर किसान की 

घर का खर्च चरमराया 

ये है भाई बजट की माया 

फिर सबने है आस लगायी 

शायद कम हो जाये महंगाई 

देखें फिर से नया बजट 

हो जाये शायद काया पलट....."