The Union Budget 2015-2016 will be presented on 28 February 2015. Like every year, this time too every salaried individual is expecting that it would provide some relaxation to them. Here is the list of six expectations of salaried class from the Union Budget 2015-2016.
1) Increase income tax exemption limit to Rs. 3 Lakh from current Rs. 2.5 Lakh. It will place more money in the hands of consumers which later on increase the demand.
2) Change income tax slabs from Rs. 5 Lakh and Rs. 10 Lakh to Rs. 10 Lakh and Rs. 20 Lakh respectively. It means that individuals whose income fall between Rs. 3 Lakh and Rs. 10 Lakh will be charged 10 percent and individuals whose income fall between Rs. 10 Lakh and Rs. 20 Lakh will be charged 20 percent. Above Rs. 20 Lakh it will be charged 30 percent.
3) Increase investment limit under section 80c to Rs. 2 Lakh from the current limit of Rs. 1.5 Lakh. On one hand, it will give chance to individuals to invest more for future and on the other hand government will get more money for the investment in the development of the nation.
4) Increase exemption limit in Home Loan Interest from Rs. 2 Lakh to Rs. 3 Lakh. As the current exemption limit of Rs. 2 Lakh is insufficient for a salaried person considering the home loan amount availed due to the high cost of the homes in current situation.
5) Increase conveyance allowance from Rs. 800 to Rs. 5000. It is impossible for an individual to manage the monthly conveyance in Rs. 800 due to the rise in fares.
6) Increase HRA from Rs. 100000 to Rs. 200000 per year. It is near to impossible for a family to get accommodation in less than Rs. 15000 even in tier 2 cities due to the steep rise in the rent in past few years.
Let’s wait and watch what Finance Minister will offer to the salaried class.
Puneet Teotia
Proud Indian. Technology Enthusiast. Blogger. Entrepreneur.
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