Monday, January 9

Union Budget 2013-2014 India - People's Expectations from P Chidambaram and UPA

Union Budget 2013-2014 India – P Chidambaram to present the 2013 Budget
For a common man a budget means what are the benefits in terms of tax rebates or subsidies he is going to get for the current year. A common man is already struggling to make his both ends meet due to sky rocketing prices of the commodities though the inflation rate is declining. The actual inflation when it comes to prices of the vegetable and day to day items has increased multi folds.
The UPA government is under severe criticism from all the quarters due to the common perception that UPA has failed to control the inflation and has not been able to tackle corruption. The people are not happy with the way the prices of the commodities are increasing.

The general elections of parliament are scheduled in 2014 so most of the people think that they will get relief at least in 2013 Budget. The government might distribute freebies and other benefits in the 2013 Budget as the elections will be nearing that time.

Income Tax Slab in 2013-2014 Budget
Salaried class is the most vulnerable when it comes to the Income Tax Slab. Though there were some tax benefits given in the 2012 Union Budget, nothing much is expected in the Union Budget 2013 for the salaried class.

It is evident and fact that business men and industrialists manipulate the figures and pay much less income tax. However the common middle class salaried person has no option but to pay the tax. Government is also aware of all the facts so instead of burdening the common man for the benefits to the exchequer the Finance Minister must design and bring out some innovative steps to get the tax out of the big fish. 80% of the Income Tax in India is collected from the salaried middle class.

Mr Chidambaram, you need to look at the problems a common man is facing due to the government policies which are going against him.

Do something to bring back the black money that has been deposited by the tax evaders. Think for the common man. Have that will to serve the general public without any fear. If you do something for them people will vote you again to power. If you are complacent or think that it is enough you have served 2 terms then you are wrong.

People always look up to the politicians for the development of the nation and upliftment of the poor.

If someone is earning 3 or 5 lakhs per annum he has a family and children to take care of. Inflation is so high that he cannot even save a penny in a year so how can you expect from him that to get a tax benefit he should show Rs 1 Lakh investment. Is it practically possible for him to save and invest Rs 1 lakh? Practically he is paying a larger amount of income tax because he could not invest to save tax.

In fact Mr Finance Minister you should tax the people who are earning over Rs 10 Lakhs per annum. Bring strong rules and laws so that big business men and industrialists and others pay the tax which is due on them.

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