New DelhiThe country’s Finance Minister Nirmala Sitharaman is going to present her fourth budget on February 1. But this budget will not be so easy because one, this budget will be announced before the elections of five states (Uttar Pradesh, Uttarakhand, Punjab, Manipur and Goa) and also the budget is going to come in the Corona period.
Although the government may not give much direct tax relief in this budget, but there are some benefits that tax payers are hoping that they will get in this year’s budget.
1- Tax relief to people and families infected with corona: Those who are infected with corona and are bearing their own expenses, there is a demand that the government should give them deduction from tax for the expenses they spent on their treatment. Section 80D in which deduction of medical premium is available and those senior citizens who do not have medical insurance get deduction up to Rs 50000, can be given a separate deduction for treatment of corona in the section or a new section can be added Is .
2- Since only 1.5 crore (1.5 crore) people pay tax, they should be given some incentives, like better interest rate in FD, lower interest rate in bank loan, priority in admission of children in schools or in any government work. priority .
3- The government which gives a standard deduction of 50 thousand, which is usually a fixed amount deduction after removing the transport allowance and medical reimbursement, this is the right time to increase it because there is a lot of expenditure due to people’s work from home which is different. No expense has been received from
4- It is expected from this budget that a data should be released which will tell how many people have shifted to the new system, till it can be known that how beneficial the new system has proved to be for the people and whether it should be continued or not. If it is to be continued then it must be given some more advantages like better slab rates as well as opportunity to change businessmen every year.
5- Most of the taxpayers expect that LTCG on Equity which was introduced in 2018 main should be removed as investors are taxed heavily and the advantage of investing in equity was that there is no tax on its profits now. It is over, if the tax cannot be removed, then at least the exemption of 1 lakh should be increased to at least 3 lakhs.
There are some other demands of the taxpayers like fixed amount of tax on crypto, increase in basic exemption limit, increase in 80C limit as both of these have not changed from last year, as well as banks want lock saver FD tenure to be 5 The loss should be reduced to 3 years from the year, the deduction of rent under section 80G, which is currently maximum 60 thousand, should be increased to at least double. There are many demands related to GST, but because the decisions regarding GST are taken only in the meetings of the GST Council, there is not much hope from the Union Budget regarding the main GST.