Budget 2015: 7 Takeways For the Common Man

BENGALURU: Budget 2015-2016 squeezed the consumers leaving them with lesser discretionary spend. Arun Jaitley’s first ever union budget announced a slew of tax measures that are aimed at benefiting the tax payers and common man. Some say that the budget leans in favor of corporate and some opine that it was a beneficiary for the common man as well. The budget rightly shunned populism and focused on growth essentials

However, all that matters more is whether or not the citizens of India are happy with the budget. Let us look into the ways in which this budget affected the common manthe most, as observed by ET:

Tax Exemptions: One and only important medium that has direct impact on the common man. Middle class in India need to quickly brace themselves for a steady drain in daily pennies. Jaitley’s budget on excise duties and service taxes on multitude of products ranging from water bottles to entry fees in amusement parks will soar higher.

On the brighter side the limit of reduction of health insurance premium was enhanced from 15,000 to 25,000. For senior citizens this limit has been increased from 20,000 to 30,000. Also, there is a proposed deduction of 1 lakh to 1.25 lakh in cases of severe disability.

Jailtey also promised to provide the investment in Sukanya Samriddhi Scheme which will provide deduction and any payment under this scheme shall not be liable to tax. This is to attract many under the scheme and likewise increase the investments from various small sources.

Further encouraging the pensioners to invest more in pension funds a limit on deduction on account of contribution to a pension fund and the new pension scheme is proposed to be increased from 1 lakh to 1.5 lakh.

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