Tax cuts or sops: What is on your Budget wishlist?

Vivek Sharma

1. Businessman

For businessman, natural expectation from the budget would be revival of growth in the economy. Rather than expecting some tax relief or concession, a businessman would be happy to see a sustainable growth in the coming years. While it is outside the scope of budget provisions, FM can definitely hint at a change in the definition of MSMEs which has not been revised since 2006. Also availability of capital to small businesses needs to be made easier and at lower rate.

2. Salaried

Every salaried person will look forward to tax sops. Some of the things that need to be addressed during this budget for salaried person are not just the immediate relief in form of taxation, but on a sustainable basis. Let a pension scheme which provides tax benefits be started this budget which will make future of salaried individuals safer. More tax benefits on health front will also encourage individuals to buy health plans with higher coverage amount.

3. Homemaker

For homemaker, immediate concern would be control of inflation. If FM can come out with measures to tame inflation, this would make homemakers very happy. Basic expectation would be that FM's budget should not derail budget of a homemaker.

4. Student

A student will look forward to better educational facilities. Setting up of more IIMs and IITs like colleges will provide access to quality education. Also a grass root level, there should facility for education in rural areas as well. Some of the large educational institutions should be set up in tier-3 cities and rural areas as well. Also FM takes measures to stabilize rupee and make it stronger in the days to come, then obtaining degree from foreign colleges will become easier.

5. Retired

Retired person has been badly hit from inflation. Government can do two things for retires people. One no tax on interest income as most retired people feels safe with their money in banks. Healthcare coverage can be enhanced by providing healthcare card to retired persons so that they are not at the mercy of insurance companies. A major tax relief should also be provided.

6. Investors

Investor will expect FM to announce a budget which can make them richer by helping stock market grow more. But it would be fair if all investment assets are brought at par in terms of taxation. As of now, there are different asset classes, having separate taxation. Inflation Indexed bonds should be made tax free so that it really helps investors in fighting inflation.