Individual tax payers wish list from Union Budget 2014-15

Q: Hi, Country's Union Budget 2014-15 is just a few days away and every taxpayer has his/her own wish list on what can be expected from it.

Ravindra Singh,

30th June 2014

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Replies (3)

Hi all,
My opinion is that make more people liable to pay tax by implementing strict rules. It is come to know that only 3-4% eligible people are paying tax in our country? In that manner our country can't progress with various subsedies and freebies.

Ananya,

30th June 2014

Comment

Well Srikumar,
Several reports have indicated that Finance Minister Arun Jaitley may provide greater tax exemptions to individual tax payers when he presents the budget for fiscal year 2014-15. I want to tell you that the individual tax payer not only makes payment of income-tax but they have also to deposit two types of education cesses and in certain cases surcharge is also payable by them.

Lokesh Patwa,

30th June 2014

Comment

@ LOkesh,
Even the previous Government was also thinking of increasing the tax slab for persons having one crore and above income but that was in paper only. Well the aim of the Modi Government should be to ensure that the life is easy and simple for the individual tax payers.

Srikumar Nair,

30th June 2014

@ Srikumar,
According to me only tax payers should not be benefited by the budget but also the health, education, travel should be increased and below minimum amount there should be no need of bills. Also there should food allowance which should be deducted from income like grocery purchase. The limit for savings must be increased as suggested and this will control the black money too as then people will tell their true income.

Lokesh Patwa,

30th June 2014

@lokesh,
It is always seen in our administrative system, people who earn higher pay much lesser tax and some times lower tax than people who earn less. Good professional work by the Auditors. I think goverment sould surely look into the matter and should control it.

Srikumar Nair,

30th June 2014

Hi,
As always, the first and foremost expectation of every taxpayer is to increase in the tax exemption limit. Currently, the exemption limit stands at Rs. 2 lakh for both men and women who are less than 60 years of age. The exemption limit can be increased to Rs. 3 lakh which will allow more cash and spending power in the hands of taxpayers. But it all depends on FM Mr. Arun Jaitley, we can give our view points.

Srikumar Nair,

30th June 2014

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