'Aam Aadmi' Expectations Run High On Budget 2015

Salaried Classes

The issue that tops this class concerns the taxes. The commoners anticipate that the tax exemption limit should be raised the initial 250,000 to 300,000. This change is expected to bring positive effect on the saving rates which would further alleviate investment and liquidity in the economy. In addition to this, the tax exemption for women working class is also expected to be raised to 4 lakh, owing to their growing input in the national income.

The present fiscal scenario offers quite less of exemption limit on allowances for children education, transport, medical issues and many other sectors. The exemption limits are predicted to rise.

Changes expected in the insurance sector include deduction in clearance of premium for insurance products while the deduction of health insurance premium is anticipated to increase to 50, 000. While a distinct deduction of 1 lakh settled up with pension funds is also expected.

 The deduction limit on the interest drawn on saving bank account is also required to increase to 25, 000 yearly. The infrastructure progress is needed to be elevated by raising the deduction limit from 20,000 to 50,000 in bonds.

A positive change is predicted by increasing the allowances in the transport and children education sector.

Home Buyers

Higher tax exemption limits on interests and prime remuneration of house loans are foreseen. This would encourage economical housing. The real estate sector in India has witnessed a sharp rise in rates over the past years. The deduction of interest should increase from the current 2, 00,000 to 3, 00,000. The housing industry needs to be promoted which would aid the economic growth in the long run.

A large part of the country also expects that a distinct plan should be built on principal loan amount.

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