In the budget session to be held on February 29th, 2016 it's a big challenge for the Finance Minister to satisfy and make happy the people of his government and the citizens, the picture would be crystal clear with the approaching general budget. it's a big challenge for the Finance Minister to satisfy and make happy the people of his government and the citizens, the picture would be crystal clear with the approaching general budget.
The students of Masters of Commerce From DAV College Jalandhar revealed and put forth their views regarding their expectations from the Budget.
Bimpy Davar :
I believe that the government should relax the rules related to home loan interest exemption.As per the current income-tax rule under Section 24B, the buyer can claim the deduction on the entire interest paid during the construction period in five equal installments only after the completion of the construction of the property. It further says that if the construction of the property is not complete within three years, the borrower can claim only claim Rs. 30,000 per year of the pre-construction interest. The government should relax the norms, say experts.
Madhur Chopra :
I suggest that the current Income tax slab needs to be revised so as to reduce tax evasion and also take initiative to reduce unnecessary tax burden on the middle man and trace the people who are actually evading the tax and corrupting the system.I suggest that income below Rs.5 lakhs can be fully exempted from tax and there should be 3 slabs-
Rs.5-10 lakhs taxed at 15%,
Rs.10-20 lakhs taxed at 30% and
above Rs.20 lakhs taxed at 40%. This would enable the IT department to focus on the rich and the super rich.
Shivantika Nagar :
Successive governments have shown no imagination as evidenced by their marginal increases in the tax free income limits. These rates would enable the middle class segment to spend more on goods and services and thereby give a big fillip to the economy.
The indirect tax collection should go up and should be correlated with ones income so that the rich and the super rich have to pay a lot more taxes than they are doing now.
Gagan Sharma :
there are certain sections whose deduction limits have not been revised for a long time and are far below the actual cost that people incur. These needs to be increased, believes experts.The standard deduction which had been abolished , needs to be started again and should amount to atleast 50000 rupees .
Harleen pabla :
"Medical allowance should be revised to Rs 15,000 per annum,education allowance of Rs. 100 per month per child and hostel allowance of Rs 300 per month per child are too low considering the actual costs involved and have not been revised for a very long time, and there is a dire need to revise them.
Talking about the standards of education , we don't exist in the top 200 Universities around the globe .The education budget should be increased and doubled , apart from this Health and medical facilities funds should be provided in a larger amount and steps should be taken for all round development of the nation and society