The long awaited demand of salaried class has at long last been acceded to. Congrats, FM. However, I would like to put forward one suggestion and that is the IT concession given to the senior citizens may be converted into the real benefit to them. That is, the concession of 2 lakhs plus should be given in cash to the senior citizens after deducting tax from it. Majority of Sr. citizens have hardly any income. The only income that a majority of them may have could be through pension or interest on savings which could hardly attract any IT. Thus, this announcement would be almost insignificant to a vast majority of Senior Citizens. The real benefit would be its conversion in the hard cash or other securities. Only that kind of concession would be worthwhile and meaningful to Sr. citizens. Think again, Mr. FM.
In the economic survey n tax survey I had almost suggested almost the same slabs for salaried class but standard deduction is not reintroduced Along with salary class the business ppl will also be eligible n covered under the same benefits which seems somewhat discreminatory
However this is for the 1st time any govt.has exceeded to the sentiments of salaried class n their real wages will definitely increase Had the FM come out with more limit under 80c then it would have been a toping on the salad as well as the scope for more savings rather than the spending
I feel by making it a consumerism toned budget it should have been savings oriented budget in view of no scope of social securities schemes in india
i wouls suggest a compulsory cess should be introduced n any one contributing to it atleast for 10-15 years b made eligible to get social security benefits after the age of 60
Apart from this the age of senio citizen should have been rationalised
fm done good thing by increasing it limit for all and reduction in it rates but one thing is irritating the age limit as per it act for senior citizen,if you are above sixty you get benefit in many cases but in case of it exemption age limit is 65,why it is so?fm and concern people should think about the same at the earliest.
Just now, it may look that the personal income-tax proposals in the Budget is pleasing. What has been done is that the Sarkari Babus have ensured that the impact of income-tax on account of increase in their salaries due to impending submission of Pay Commission recommendations & acceptance by the Govt., is mitigated by the present Budget proposals.