All tax payers of the country were expecting in 2017(last year) that there will be change/amendment in Income Tax (IT) slabs and also other tax exemptions under section 80C, 80D etc. But we are disappointed by the budget having no such amendments for regular salaried tax payers
Honorable Finance minister Arun Jaitley did not fulfill the wishes of direct tax payers of country last year, now this time again we are just few days away from Union Budget 2018. Having this in mind, here is some analysis and expectations that might be fulfilled and all the tax payers are eagerly waiting for it to happen.
Having said that "Due to Demonetization, there is more money than ever come under taxable system" - If this is true, then there is nothing wrong from common people who are direct payers can have some expectation of revised income tax slabs.
Expectations and Hopes from Union Budget 2018
Might Revise Income Tax Slabs - This can be major amendment if announced in upcoming Union Budget
Above all are some expectations and hopes from all Indian direct payers from this upcoming union budget 2018, lets us wait and watch how many of above hopes will be fulfilled by NDA govt.
Honorable Finance minister Arun Jaitley did not fulfill the wishes of direct tax payers of country last year, now this time again we are just few days away from Union Budget 2018. Having this in mind, here is some analysis and expectations that might be fulfilled and all the tax payers are eagerly waiting for it to happen.
Having said that "Due to Demonetization, there is more money than ever come under taxable system" - If this is true, then there is nothing wrong from common people who are direct payers can have some expectation of revised income tax slabs.
Expectations and Hopes from Union Budget 2018
- FM Arun Jaitley may consider increasing the non-taxable slab amount from 2.5 lakhs to 3.0 lakhs
- May reduce the tax rate for domestic companies from 30% to 25%
- Considering the inflation and raise in the cost of living, increase the upper limit of various tax exemption
- Medical Reimbursement upper limit can be increased from Rs 15,000/year to 30,000/year.
- Lunch/Refreshment : current value - Rs 50/meal , expected value - Rs 100/meal (to be extended to electronic meal coupons also)
- Children Hostel Expediture Allowance : may increase from Rs 300/month to Rs 1500/month
- Revise Section 80C may increase from Rs 1,50,000 to 2,00,000
- Tax benefits of House loan may increase from Rs 2,00,00 to 3,00,000
Might Revise Income Tax Slabs - This can be major amendment if announced in upcoming Union Budget
- No taxes for income up to Rs 3 lakh
- Income from Rs 3 lakh to Rs10 lakh to be taxed @ 5%,
- Rs 10-20 lakh @ 20% and
- Income above Rs 20 lakh @ 30%
Above all are some expectations and hopes from all Indian direct payers from this upcoming union budget 2018, lets us wait and watch how many of above hopes will be fulfilled by NDA govt.