Expectations of salaried individuals from Budget | Fusion - WeRIndia

The 2015 – 16 budget is almost here. It will be the first full-fledged budget from the government of Narendra Modi. One of the most important expectations from the budget is to have better income tax exemption.

Most people who get good salaries want to increase exemption limit to Rs.3 lakh. Many people also want a deduction for housing loans on up to Rs. 5 lakh and also want an upward revision in the medical reimbursement allowance.

These findings are from a survey from ASSOCHAM. The findings of the survey stated that an overwhelming 92 percent of salaried individuals, both men and women wanted the government to increase the tax bracket from current Rs. 2.5 lakh to at least 3 lakh so as to keep some money left in the hand of the common man.

Even though the wholesale price inflation has gone into negative, there are still many items of common household like vegetables and pulses which have seen the annual inflation between 8 and 12 percent between January 2014 and January 2015.

“Thus, the inflation of these items is still a cause of concern for the common people and the budget must address the issue,” said ASSOCHAM secretary general D.S. Rawat.

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