Budget 2010: Expectations

          The Union Budget for 2010-11 will be presented on February 26 two days in advance of the usual date because of government holidays. Everyone’s eyes on budget 2010-11 because of several reasons like inflation, taxation rates, uncertainty of global market. The expectation of common man from the finance minister is too high for the Union Budget 2010-11. Let’s see what happen on the scheduled date of Union Budget 2010. But for the time being, we can talk about the expectations of a common man toward the Union Budget 2010. The expectations are must for us as a general saying “What we see depends mainly on what we look for”. So please give your comment also, these are very important for us and you.

I know all of you (including me) are looking for the decrease in taxes. InUnion Budget 2009-10 gave only a little relief to the individuals for “rupee ten thousand” hikes in the taxable income. Then another burden for salaried people is “FBT abolition” because now the tax burden on them. So all individuals, especially salaried people’s expectations are to reduce taxes. The followings are some of the scenario of the common man from the Union Budget 2010. Please comment what you think about that.

1. Income tax slab must be raised to Rs. 2,50,000 for individual males. For females the limit will be suppose to Rs. 3,00,000 and for senior citizens it should be increased from Rs. 2,40,000 to Rs. 3,50,000.
2. To encourage saving of common man the deduction limit of u/s 80C should be increased from 1,00,000/- to 2,50,000/-.
3. Medical expenses tax free limit of Rs. 15,000 should be increased as increasing health care cost in medical sector.
4. Transport allowance is allowed upto Rs.800 per month for travelling from home to office and back. This should be increased to Rs.2,500 per month.
5. Interest paid for Housing Loan under Sec 24 is Rs. 1,50,000 at present to Rs. 2,50,000 .
6. Senior citizens are considered people aged above 65 years. This should be reduced to 60 years. The age factor to determine senior citizens discrepancy should be eliminated.

So awaits from our honorable Finance Minister, he will consider above expectations for Union Budget 2010-11. As a common man, I expect every year “My expectations are not always realized, but I always expect” and at the end of the day “Everything that is done in the world is done by hope/expectation.” So, please give your comment for expectations from Union Budget 2010-11. I expect it will execute.

Budget 2010: Expectations of Experts:

     The tax leaders and experts are expecting a lot from Budget 2010. All experts from their own industries have own expectations from Union Budget 2010. Only 3 days left to end of this suspense when budget 2010 will be presented by our honorable Finance Minister. But for the time being it is very useful to listen the expert’s expectations from Union Budget 2010. The budget.moneycontrol.com is doing a decent task to review all directions of Budget 2010.