Taxpayers expecting hike in I-T exemption limit in Budget
   Date :24-Jan-2023

Business Bureau
As the upcoming Union Budget will be the last full year budget from the current Government, commoners have high expectations from the Union Finance Minister Nirmala Sitharaman. They believe that the Government will gift them slew of taxpayer friendly measures including extension of the Income Tax exemption limit and take initiatives to bring down rising prices of various commodities.
For Murli Sharma, a 50-year-old Manager in a private company said rising prices of essential commodities is a big concern. He felt that the Government should make substantial cut in the taxes to dilute the prices. “Common man is reeling under pressure of high prices for quite some time and hence it is a right time to give them some relief. Besides, I think that the Government should extend the Income Tax exemption limit to at least Rs 5 lakh. It will increase cash liquidity in the markets and boosts our economy,” he observed.
Vinita Saraf, a fitness consultant, is expecting the Union Budget to earmark special funds for strengthening healthcare infrastructure. “To promote health and
fitness, there should be some special schemes for gyms and fitness centres. The Government needs to provide on-line facility where people can check how they will be taxed for their transaction before they actually undertake them. Incentives to promote skill development centres in various fields are required to help increase entrepreneurship and incomes. Income Tax and GST rates need to be brought down to minimum levels to encourage everyone to comply. Ease of doing business department should be created with public participation,” she said.
Madhav Khopde, who is into the travel and tourism business, said the Government should bring petrol and diesel under the Goods and Services Tax (GST) umbrella. “It will certainly control its prices and give much needed relief to consumers. The current prices of these commodities are also affecting prices of vegetable, grocery and other items and thus it should be well within the reach of common man.”Khopde highlighted the highest GST slab applicable on purchase of new vehicles and said the Finance Minister should abolish the maximum slab of 28 per cent (of GST) on the vehicles. “Similarly, there should be no multiple taxes applicable of commercial vehicles. It is discouraging the travel and tourism and also putting additional burden on the travellers,” he added.
Dr Rajesh Waigaonkar, an academician, is looking forward to see development in the field of education and thus he gives priority to it. In Waigaonkar’s view, the Finance Minister should launch schemes aimed at modernising the existing educational institutions. “Besides, attracting overseas university, the Government should also support the domestic universities and make them competent. We need technological development in these universities so as to reach out to youths, especially those in the rural sector. Waigaonkar also expecting the FM to make educational loan affordable for students belonging to poor sections of the society.
“I think the Government should increase the standard deduction of salaried people. Also, the home loan interest rates should be minimised as it consumes a major amount of his salary. Similarly, education loan interest rates should also be reduced so that most of the aspiring students might be benefited,” he said.