The Finance Minister of India will announce the Union Budget 2013-14 towards the end of this month. Budget influences not only big businesses but also households. Check out the common man's expectations from Budget 2013-14.
Raise base tax exemption slab from Rs 2 lakh to Rs 2.2 lakh
Hike exemption limit under Conveyance / Transport Allowance from Rs 800 per month.
Cut lock-in period for tax saving fixed deposits from the 5 years to 3 years
Widen of scope for Rajiv Gandhi Equity Savings Scheme (RGESS)
Reintroduce Tax Saving Infrastructure Bonds U/S 80CCF
Provide tax incentive on gold linked financial instruments
Give Infrastructure status to affordable housing
For payment of interest on housing loans, raise income tax exemption limit from Rs 1.5 lakh to Rs 3 lakh
Provide guidance for new taxation avenues such as taxing the superrich or inheritance tax
Rationalise welfare schemes in rural and semi urban areas