As Union Finance Minister Arun Jaitley is all set to table the Union Budget for FY 2016-17 on Feb 29 (Monday), here’s our wishlist with top 10 expectations from the BJP veteran.
1. Raise in Income Tax exemption limit from Rs 2.5 lakh to Rs 3 lakh.
2. Section 80C should be revised so that higher the income tax, higher will be the limit for deduction.
3. Broadening the base of angel investors from the present 1,000 to at least 10,000, in the near term and 100,000 within 5 years.
“This is important not just to get their money into start-ups, but help them open up their business connections and make them active participants in the ecosystem,” says Ravi Kiran, Co-Founder of VentureNursery.
4. Raise in Service Tax exemption limit from Rs 10 lakh to Rs 25 lakh.
5. PPF salary exemption should be increased from Rs 1.5 lakh to Rs 1.9 lakh.
6. Hospitals and educational institutions should be kept out of the Service Tax rim.
7. At least 9% increase in defence allocation.
8. Cashless, health insurance, at least for Rs 50,000 for our senior citizens.
9. Increase allocation for Price Stabilization Funds (PSF) from Rs 500 crore as announced in the previous Budget to Rs 900 crore.
10. Waiving off the 14.5% Service Tax on insurance premiums, making them more affordable for the masses.
Sreya is based in Kolkata. She is a Senior Editor of Big Wire.