Lets share our Expectations for Budget 2014
With the MODI government everyone may have hopes for a better fiscal policies.
A number of expectations from Budget 2014 have started looming in the minds of people.
Lets see whether this new budget will simplify for easy of commoon man
Share your Expectations and suggestions from budget 2014 and lets have a small discussion on this..
Ofcourse this BUDGET2014 expectations is talk of the town due to MODI JI.
My expectations are:
- Income Tax slabs are made investor friendly
- Reduction of Tax on Short term gains from Shares (Indians are not comfortable with making investment in shares, hope this encourage them)
- TDS is a big trouble, lower the late filing and download fees (Sometime, more late filing fee and fee for not downloading is paid than tax itself)-though this is administrative thing
- Railways are upgraded
- Reduction in fuel surcharge for aviation sectors, flights tickets are very costly
- Reduction of charges in stock market transactions (India is a country where transaction costs are very high compared to developed nations)
- GST-something to be done here, fed up with state tax laws. VAT officers are useless and harass a lot.
- Service Tax is reduced or minimum turnover for applicability is increased.
- Same as point 8 for excise.
- Everything is made online, E-governance to be given a good share in budget
- Defence sector and education sector should get higher funds.
- Infrastructure next to point 11 sectors
- Reduction in government spending
- Steps are taken to reduce the usage of currency (notes), and emphasis should be on usage of Debit cards or online payment. This will reduce corruption to certain level.
- Not related to budget but citizen charter for government officers.
What i expect is transparency in works of government officers. It is not possible to do anything in budger. But, as pulkit said open up all departments to public by enabling 100% electronically.
Why one need to sign It return even after filing online, its waste of time and money. No, one understand the requirement.
In practical situation ITR are signed by tax consultants and sent to department. All these as already mentioned are not part of budger but funds allocated in budget can indicate the mood of government in fighting with these difficult situation.
GST is a big reform, which can change the things. But yes GST is difficult to get passed, since all states have to agree and some states which are ruled by Congress and allies will never agree.
Every government would like to take credit for implementation of GST, Narendra Modi and Arun Jetley with their charm have to bring every state to terms and implement the GST.
My biggest hope from budget is implementation of GST, rest MODI will take care.
Increase in incoem tax basic exemption limit to 4 lakhs so that lower income assesse can get relief ,Increase in 80D limit
Increase in 80C limit to encourage savings,
Central sales tax rate should reduce to 1% from 2% so that it will save cost on out of state purchases
Some care should take to settle all pending litigations with department,,
Lets share yours
As a salaried citizen, i expect more tax savings. Basic exemption limit must be raised , Current limit of Rs 15000 pa for medical expenses is very less and outdated. Investments in Insurance schemes and other instruments needs a completee revival. Likewise, home loan interest deductions needs to be raised.
However, the major relief all of us are eagerly waiting is wrt inflation. Inflation & Growth Agenda go in two opposite directions. RBI wants to curtail inflation by increasing interest rates, whereas growth can happen only if interest rates fall. This is a serious conflict between Government & RBI. it would be interesting to see how our Modi Govt tackles these situations.
From the perspective of Corporates, DTC & GST are first in the list of expectations. Many Industrial Organisations also wants to remove "RETRSPECTIVE AMENDMENTS" since it is discouraging many foreign investors.They are also expecting a reduction in Corporate rate tax to 25% and MAT rates besides removing surcharges completely.
SSI exemption limit for Excise purposes has to be increased from the present Rs 1.5 Crores. SSI needs more and more government support.