Expectation from union budget 2013-14

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Expectation from union budget 2013-14

  1. 1. Presented by: Amrita Bharti
  2. 2.  It’s Budget time again and expectations of the common man are high even as the P Chidambaram, the Finance Minister of India, tries to deliver to the expectations of the ‘aam admi’ (the common people) in the annual Union Budget.
  3. 3.  The union budget for the FY 2013-14 will be presented before the Parliament on last week of Feb. 2013. Budget 2013-14 can be termed as the budget of aspirations since this is the last budget that the ruling UPA-2 government is going to announce. The number of amendments expected and predicted by analysts in the Union Budget for 2013- 2014. Expectations of the common man are rising from this years Union Budget. What will happen eventually will unfold on the day of budget !
  4. 4. Here is a sneak peek into the common man’sexpectations from the union budget 2013-14. Liberalize tax slabs
  5. 5.  The basic slab for income tax was raised to Rs 2 lakhs from the current Rs. 1.8 lakhs that led to a savings of Rs 2,000 for all taxpayers earning below Rs 5 lakh per annum. The salaried class is expecting the basic tax slab to be increased from the existing 2 lakh to 3 lakh per annum. senior citizens are also expecting the existing limit be hiked from the current 2,50,000 limit to rupees 4 lakh per year. source: moneycontrol.com, yahoo!indiafinance, economictimes.com
  6. 6. INCREASE EXEMPTION LIMIT OF VARIOUS ALLOWANCES
  7. 7.  HRA(House Rent Allowance )Current -House rent paid minus 10 % of salary -50% of salary in case of rented house situated in metro city. -40 % of salary ,if rented house is situated in any other placesExpectation –it is expected to be changed this year Transport AllowanceCurrent- exempted upto Rs.800 per month max.Expectation - should be raised to minimum Rs 2000.
  8. 8.  Children Education allowanceCurrent - Rs 100 per month per child up to max of 2 child is exemptedExpectation - should be raised to minimum Rs 1000. Children hostel allowanceCurrent - Rs 300 per month per child up to maximum of two child is exemptedExpectation - should be raised to minimum Rs 3000 Source: moneycontrol.com yahoo!india finance, economictimes.com
  9. 9. RAISE HOUSING LOAN EXEMPTION LIMITS
  10. 10.  Considering the rising prices of real estate, the common man’s dream home still remains a dream The government may allow deduction for interest during the construction period instead of allowing it only after the construction is complete. The income tax exemption on payment of interest on housing loans may be raised from current Rs 1.5 lakh to Rs 3 lakh for a self-occupied property. source: moneycontrol.com, yahoo!india finance, economictimes.com
  11. 11. INCOME ON BANK SAVINGS ACCOUNT
  12. 12.  In current year up to rupees 10,000 will not be taxable on interest of bank savings account . Here, a thought can be given to increasing the interest limit on such saving accounts to minimum Rs.25,000. source: moneycontrol.com yahoo!india finance, economictimes.com
  13. 13. INCREASE IN SECTION 80C LIMIT
  14. 14.  Section 80C of the Income-tax Act, 1961 allows deduction of up to Rs 100,000 for investments in a host of specified schemes like mutual funds, fixed deposits, provident fund, etc It may be expected that this section brings within its ambit many future benefits, the limit may be raised to Rs 200,000. source: moneycontrol..com yahoo!india finance, economictimes.com
  15. 15. HEALTH INSURANCE PREMIUM
  16. 16.  Health insurance premium paid by an individual can be claimed as a deduction up to Rs 15,000 if the insurance is for himself, spouse or dependant children. Expectations :- Increase the limit of Rs 15,000 to Rs 20,000 for health insurance premium paid for self, spouse and dependents parents; -Increase the limit for senior citizens to Rs 25,000, considering that healthcare costs for senior citizens are comparatively more source: moneycontrol.com, yahoo!india finance, economictimes.com
  17. 17. FUEL PARITY
  18. 18.  The union government has hiked the cap of subsidised cylinders from 9 per household per year. Homemakers feel that this is too less to run the household and would like it to be hiked to atleast 12 cylinders per household per year. sources: moneycontrol.com, yahoo!india finance, economictimes.com

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