About Union Budget 2015
The Union Budget 2015 is going to be unveiled today by our Financial Minister Mr. Arun Jaitely. Everyone is waiting for this “#Acche Dino Ka Budget” of Modi Government. Salaried taxpayers are contributing one-sixth of the direct tax collections, so they are expecting a lot from the Finance minister.
Let’s see, what are the top expectations from this Union Budget 2015:
- Income Tax Expectations: The squeezed middle people are expecting a high tax relief from the Finance Minister. Finance Minister often said that he will not burden the middle people with more taxes. The limit under Section 80C is 1.5 lakh, which is low. taxpayers are expecting a hike in this exemption limit as the fuel price has seen a fall this year.
- Foreign Investments: Foreign investors are seeking a big opportunity to do business in India with ease. They are expecting clarity for them from this budget.
- Make in India: To make India a Global manufacturer Hub, promotion of “make in India” campaign is expected from Union Budget.
- No hike in prices: People are expecting no hike in the prices. Arun Jaitely has to make a balance in the budget papers without raising the prices.
- Hike in Service Tax: Service Tax on consumer goods may face a hike. The finance minister will earn profits by raising excise duty and service tax on consumer goods, televisions, etc.
- Real Estate: Corporate houses are seeking a cut in the minimum alternative tax from 18.5% to 15%. Real estate developers are expecting no taxes on unsold flats.
- Tech Companies: Tech companies are expecting an extensive use of IT in government and development in infrastructure. “Over the past nine months, the Government has set the right context and articulated its vision for India’s economic development,” said Bhaskar Pramanik, Chairman, Microsoft India. Campaigns such as Digital India, Smart Cities, Skill India require strong financial support.
- Education: The Education Sector in India is expanding at a very fast rate, but it is expecting support and extra attention from Arun Jaitely. The common man is expecting a change up to a minimum of Rs. 1,000 in the exemption limit of Education Allowance.
- Students: Students are hoping a rise in exemptions against education loans up to 10 years from the currently allowed 8 years. The service tax should be slashed, otherwise, education institutes may increase fees.
- Farmers: Farmers are the backbone of the country. They are expecting lower interest rates or no interest rates on Agriculture loans.
These are some of the expectations from the Union Budget. Let’s wait what will be there in Jaitelys’ Budget for a common man.
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