Income Tax: Budget 2012 for housewives: What can one hope for?

As a home maker, I cook, shop, look after the children and spend time with friends. But I also am the self appointed finance minister of the household.

When prices of basic foodgrains and vegetables soared last year, there were times when I was at a loss as to how I was expected to place a nutritious meal on the table without burning a deep hole in my pocket.

The finance minister should give home makers some respite while presenting the Union Buget since we hold the purse strings with which we run the house. Besides the government, rising inflation does worry us too Mr Finance Minister!

If the subsidies are reduced / removed on cooking gas & diesel it would lead to increased cost of food consumption. On the other hand, prices going up on consumption items especially LPG even before the budget may be a dampener for me and my household.

This will straight away decrease the disposable income and might have an effect of lifestyle of middle income group families.

Budget 2011 saw priority home loans being raised from Rs 20 to Rs 25 lakh. While this was good news, it did not help those of us who reside in metropolitan cities as no decent home falls in the Rs 25 lakh bracket.

Hiking service tax on hospitals and diagnostic service providers pinched patients as well.

Currently women enjoy a higher tax exemption limit of Rs 1,90,000 compared to Rs 1,80,000 for men. The expectation of revision in exemption limit from Rs 1,90,000 to near about Rs.3,00,000 may be positive for women.

However, we deserve a little more and an exemption limit higher than Rs 3 lakh albeit marginally will be a blessing in disguise.

Taxes and duties that make consumer durable goods expensive should be reduced, so that these are more affordable for homeowners to buy cars.

Also Read: The Union Budget: What's in it for me?