Saturday, February 16, 2013

Ten Expectation from Salaried Person for Indian Financial Budget 2013-14

With Upcoming new budget for financial year 2013-14 that will be presented by finance minister Mr.
P. Chidambaram on 28th Feb 2013 most of us will keep an eye on Direct tax. As a common man most of us think of paying least tax and with good saving. Let analysis our expectation from eye of a salaried person. Here are the few top 10 expectation which a salaried person expect.Hope our almost all expectation will be fulfilled by our Finance Minister

1) Raise Income tax exemption limit to 3,00,000(presently it is 2,00,000) ..

2) Increase 10 % slab up to Rs 6,00,000 from earlier Rs 5,00,000

3) Increase in 80C deduction limit to Rs 1,50,000/- ,this will encourage saving among people

4) Restore 80CCF deduction for investment in Infrastructure Bonds with revised limit of Rs 30000/-.It will help infrastructure companies to raise money.Interest rate should be increased on these  bonds.

5) Increase Exemption of Transport allowance from present limit of Rs 800/- to Rs 4000/-.
6) Increase Medical reimbursement to Rs 30000/- , Children Education and hostel allowance to 750/- per month.

7)  Reduce Saving FDR for locking period from currently 5 years to 3 years.

8) Enhance the scope of Rajiv gandhi equity saving scheme(section 80CCG) by allowing investment by higher income(income more than 10 lakh) first time investor.

9) Increase in deduction for Interest on House loan for self occupied house to Rs 200000/- from earlier Rs 150000/- as housing cost is increasing day by day ,so person have to take higher value house loan to acquire /construct own house.

10) Leave encashment exemption Limit to 6,00,000 from 3,50,000 for non govt employee.