India is going through the phase of unprecedented economic boom. Middle class has tasted the fruit of prosperity, in a way it had never before. Opportunities for jobs and salaries have increased manifold. This phase has seen the growth of new millionaires in India.
Expectations from the forthcoming union budget are great. And they differ with every section of society and individual. Let us see few examples and know what the people on street are expecting from Chidambaram.
The budget should allocate large amount of funds for education and research.The theme of the budget should be empowering India through knowledge management. Special emphasis should be laid on intellectual property and IPR awareness. Tax incentives should be allowed to employees and other persons who are not business assessee's for deductions and rebates for Patent registration fees paid to Govt. and professionals.The Govt. should work out scheme for IP commercialization and incentives should be provided by withdrawing service tax on IPR consultancy and IPR event management.Some mechanism should be developed to bridge the gap between inventors and the investors, by bringing universities closer to industry for commercial exploitation of research work.
Development of India does not only depend on infrastructure or simplifying the tax methods,etc., it's dependent on fulfilment of an ordinary human being basic requirements. That means we need to think from bottom line, like how to control poverty, how to control unemployment, how to fulfill the basic needs of human beings, if we solve this problems we can say India is developed country. It's our dream, it will happen. Meanwhile we need to plan in this budget how to use our country natural resources to develop the country. If we use properly our common resources, we can achieve some bit of our goal. We need to give much importance to Exports and foreign investments.
Interest rate on education loan should be reduced, so that we can easily take admission in higher educations
I have few questions to ask our FM as well as indian finance department.
1. In a family, who has the responsibility to go to work? Man or woman. In India, I believe > 80% , its men only. So the tax exemption should be more for men than women. Are they(FMstry) thinking all this, while fixing the tax slab?
2. I.T. and share market are the major and huge income sources for India. So if the FM is really interested in the home country development, he should reduce the tax slab so that it helps the IT corporates/salaried and give some exemptions so that they can still tolerate during this recessions happening all around.
3. He should introduce some schemes for protecting the salaried people from insecurity of jobs like sacking that happens often in the IT industry despite of the IT guy being a huge tax payer for the GOVT.
4.We expect the FM to reduce Short Term Capital Gain frm 10% to 7.5% on share trading. It is already becoming harder to earn money in share market due to global market volatility.
5.Service Tax Rates should be downed from 12% to 10%. Exemption Limit for salaried persons should also be hiked.
6.Budget should address the concerns of weaker sections of society like women and scheduled tribes.
7.Income tax rules and plans should be simplified so that everybody can understand them. We still struggle to go through them.
8.Government should bring special package for infrastructure. Without proper infrastructure, dream of making our country a developed nation would remain unfulfilled.
9.FM should actually do something to benefit the poor. Why fleece money from us in names of taxes.