India is going to announce its Union Budget 2016-17 on Monday 29th of February 2016. Finance Minister of India Mr. Arun Jaitley will present the budget on the floor of Lokshabha India. People of INDIA, as well as the economist in the world, is looking after it very seriously. As in this era of diminishing economy, India is still somehow managing its growth rate.
The basic demand of all income taxpayers in union budget 2016 are that:
- Make in India is a great concept but still, there are difficulties to start a business in India and there must be some step taken to easy startup of business
- Considering the expansion in typical cost for basic items, the current basic exemption limit of 2.5 lakh ought to raised Rs. 3.5 lakh. Likewise going ahead expansion in basic exemption cutoff could connect to the rate of inflation and raised each year consequently,
- The salaried class likewise needs as far as possible under Segment 80C to be raised further. The Area 80C point of confinement of Rs. 1.5 lakh hasn’t updated subsequent to FY 2014-15. It might see an expansion this year. Perhaps, the administration might take a gander at including some spring items. In addition, expanding the cutoff to 2.5 lakh in the union Budget 2016
- Deduction of Rs 25,000 under section 80D for payment of medical insurance premium is insufficient in many ways. In order to promote and take more people under the medical cover, the deduction ought to be increased to Rs 40,000
- The price of Petrol and Diesel should be rectified as the Rate in the international market is very low.
- Prices of essential commodities are rising day by day. Therefore, there must be some control act on essential commodities should be there.
- we have so much hope with the GST. It should initiated in the Union Budget 2016 -17.
- Rates of Lions should be minimized.
- Digital India, Skill India and Startup India will assume a critical part in narrowing the hole between the interest and supply of gifted work. We anticipate that the financial backing
will deliver new measures to bolster the progressing programs and reinforce the emphasis on making employments.