Expectations galore from Budget 2013

The union budget 2013 is on its way. The Centre is about to unveil its plans of taxations, subsidies and other monetary policies for the year. Without a doubt, everyone has certain expectations from the upcoming annual financial statement. Almost everyone is looking forward to some changes in the budget which will help them manage their household budgets better.

Metrolife decided to speak to some individuals to know what’s running in their minds.
Understandably, housewives are most worried about the skyrocketing prices of essential goods. Manjinder Singh, a homemaker and chartered accountant, says, “The prices of products like milk, pulses, vegetables etc., besides cooking gas cylinders, are spiralling out of control. And it is still not summer yet. I wonder what a packet of milk will cost when its mid-May or June. The government must do something about this.”

“Also, homemakers like me save some money every month which is best put in a bank but even that is taxed leading to us not being able to avail easy interest on small amounts. There should be tax concessions on small savings by women.”

Preeti Khushwaha, who runs a boutique in Greater Kailash, says, “Firstly, I feel, the tax limit for earning women should be raised.

Secondly, there should be some exemptions for women who are into small-time
businesses such as tuitions, parlours and boutiques. Women entrepreneurs should be encouraged rather than being taxed.

“Other than that, I have noticed some very strange regulations when it comes to women registering themselves with government business agencies. For example, a certain State sales tax registration requires a woman entrepreneur to give references of two male persons. Why can’t we give references of women?”

Salaried servicemen have other concerns. Prem Kumar, a software engineer with a private company says, “I don’t know for how many years, the travel allowance of a salaried person has remained Rs 800 only. Diesel and petrol prices have touched the sky but that number has not been raised. It is my request to the government to do something about that.

“And, the amount of money that is exempted from taxes for housing loans and other investments should also be raised. Not only will it encourage people to invest more in housing but also promote the infrastructure sector of the economy.”

Those in government jobs have their own expectations. Manmohan Singh, a junior engineer with the Dakshin Haryana Bijli Vitran Nigam, says, “The salaries at officers’ level is good but the pay packets for III and IV class employees is very low. It is not enough to run a household in this age of inflation.”

“Unlike businessmen and the salaried class, we cannot hide our incomes. So we anyway end up paying the full tax unlike many others.”  

School and college students may not understand much of Economics but they surely have their own wishlist from the budget too. Swati Panda of Delhi University says, “The rate of interest on education loans and higher education loans must be reduced. That will really help.”