Six things a professional expects from the 2015 budget

BankBazaar‘Acche Din Aane Wale Hain’- the BJP slogan comes to mind whenever the sky-rocketing prices are looked at closely. While you may be wondering when those Acche Din will come, no harm could be inflicted by chalking up the pre-budget expectations. So what are you expecting from the coming Union Budget, as a working professional?Speaking of the professionals, there are many things the government would need to focus on. From increase in tax slabs to decrease in travelling costs, expectations are more, if not high. Here are the top changes that the professional working class of the country is holding high hopes for.Increase in Fundamental Tax Exemption LimitThe tax slabs are still same what they were in the last years’ budgets in spite of the increase in cost of living. All the professionals are stressing upon a higher exemption limit for the purpose of more saving and improved life styles. And since the young sector of the country has become fond of personal finance and investment activities, increase in tax exemption will encourage them to invest more. More investments sound good for the personal living as well as the country’s GDP, isn’t it?Reduction of Service Tax Professionals who run coaching classes or provide services expects a reduction of Service Tax, from the current 12%. Though possibilities for ST reduction are less in this Union Budget owing to the fiscal deficit, services offered by professionals will become costly if the government revises the tax to the higher end.Increase in Conveyance AllowanceWith the increased cost of fuel, the transport allowance granted by the employer is no longer sufficient. The transport cost allowed to be non-taxable is up to INR 800 which was set decade ago. Surely government would agree that we have come a long way since then. INR 800 is not enough when travelling between the roads and even cities, battling high traffic. Conveyance allowance must be made non-taxable for an increased extent.Swift Dispensation of Income Tax RefundWe always use to make jokes of the leisurely processing and sluggishly working Indian government officials. However, the joke is no longer funny when it comes to not receiving the tax refund on time. The Income Tax Department, no offense, takes too much time to process the refund, in some cases more than 90 days. Moreover, it is ultimately the taxpayer who then has to pay the penalty for the arrears in the revenue target. One thing professionals want from the government is to stop charging them for the mistake of IT department.Increase in Medical Reimbursement Exemption LimitCurrently, the exemption limit on the taxable medical costs is up to INR 15,000 which amounts to very low in the light highly expensive medical services. Like various other exemption limits, this one was also determined decade ago and has become highly questionable in today’s scenario. Thus, the government needs to double or triple up the medical repayment exemption limit.Lower Crude Oil PricesTo the joy of the world, the prices of crude oil fell down to a low of under $49 per barrel at the end of 2014. The least Indian government could do is take its advantage and let the citizens feel a little more enthusiastic about buying the fuel. The new budget should focus on the reduction in energy bills and the respective subsidies.Reinforcement of Laws to Ensure No Black MoneyThe country cannot develop truly if its reserves keep dwindling, no thanks to corruption and black money handling. This year’s budget shall stress upon forcing the laws like paying tax through employer only, linking all the PAN cards and ADHAAR cards and so on. It should also be made sure that the education institutions are not talking black money to give the admissions at exorbitant prices, and this only be done by strict ways like linking the PAN and ADHAAR cards.

As a professional, we contribute not only our efforts but also a healthy income to the economy. Our protected interests mean country’s protection from illegal and harmful practices done by various corrupted money makers. Apart from that, there are various little things that will need serious consideration. But for now, this is all we want.