BENGALURU: The much awaited Budget for the financial year 2015-16 will be presented in the upcoming weekend. The first full year budget is expected to bring positive changes in tax structure to boost the economy.

Since, its Modi government’s first budget session, people are hoping for ‘Ache Din’ ahead. The Finance Minister has lots of challenges and demands to tackle with in order to meet investor’s and tax payer’s demands.

The centre is considering restructuring of the income tax slabs in the forthcoming budget session to increase savings across the country and provide relief to the common man.

The Economic Times has identified certain changes that are needed to be considered in the upcoming Budget to keep the euphoria of Modi wave alive. Let’s have a look:

1. Tax Exemption Limit For Allowances: Increasing the tax exemption limit for allowances is the most common demand for the upcoming budget session. Since 17 years the tax limits for certain allowances have remained unchanged even if the cost of education, medical treatments and commuting has reached super high.

It’s time to get some decent tax breaks as the subsidy costs have declined and the Current Account Deficit is under control providing the government with more flexibility to raise tax allowances and limits. The increase in the tax exemption will leave more money in the hands of the people and also increase the purchasing power.

 Read More: Best Tax-Saving Options to Look Out For

Finance Commission Suggests Higher Share To States In Central Taxes