Budget 2017: The government is all set to release the budget for the new financial year and the data analysts and the experts have already started making assumptions and expectations from the Union budget. The masses expect some relief to be provided in the upcoming budget for the ones who have been badly affected by the demonetisation policy of the government.
Furthermore, it is expected that the government will provide some relief regarding the taxation rates as well. Here are the major expectations of the masses from the Union Budget 2017.
Major Expectations from the Union Budget 2017:
Minimum Taxable Income limit should be increased
The minimum taxable income limit should be increased so as to provide relief to the middle-class population especially at the moment of the cash-starved situation of the economy rendered by the demonetisation policy of the government.
Revision of the Tax Slabs
The entire tax slab rates must be revised by the government so as to provide relief to the masses. The entire slab rates must be revised upwards, as it has been expected by many of the experts as well.
More Exemptions must be provided
More exemptions are sought by the salaried employees particularly from the middle-class section of the population. The rising inflation rate in the economy calls for more exemptions to be provided. The exemptions should be provided on various allowances provided by the government such as conveyance, children’s education and medical reimbursements etc.
Greater Deductions should be provided
Deductions should be provided primarily for the interest paid on the housing loans. This would benefit the intended house buyers to a great extent.
Exemption limit for the senior citizens
For the further benefit of the senior citizens, the exemption limit should be increased by at least Rs 1 lakh.
Allow Greater and early deductions on the Home Loans EMI
There is a great scope for the deduction regarding the home loan EMI. Also, the deductions start once the buyer gets the possession of the house, however, the deductions should start right from the beginning when the first EMI is paid.
It will be only once the budget is announced that we will get to see how many of the expectations from the budget are actually fulfilled.