LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » Union Budget News

What the common people expect from Union Budget 2018

Here’s what people’s expectation from the Budget 2018 entails.  

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
What the common people expect from Union Budget 2018
Union Finance Minister Arun Jaitley chairs the Pre-Budget Consultative Meeting with economists in connection with the forthcoming Union Budget 2018-19. Image Source: IANS
Updated: Sat, Jan 20, 2018
09:40 am
Mumbai, ZeeBiz WebDesk
RELATED NEWS
Budget 2021 Expectations LIVE: Check latest news, updates, demands of India Inc. here Budget 2021 Expectations LIVE: Check latest news, updates, demands of India Inc. here
Budget 2021: Customary halwa ceremony to kickstart budget proceedings today Budget 2021: Customary halwa ceremony to kickstart budget proceedings today
Budget 2021 Expectations LIVE: Check latest news, updates, demands here Budget 2021 Expectations LIVE: Check latest news, updates, demands here
Budget 2021: Agewell reveals what the elderly really need - From tax relief, special provision in schemes to revision in pension Budget 2021: Agewell reveals what the elderly really need - From tax relief, special provision in schemes to revision in pension
Union Budget 2021-22: Circular issued by Department of Economic Affairs - All you need to know Union Budget 2021-22: Circular issued by Department of Economic Affairs - All you need to know

The last full budget of the National Democratic Alliance government, before the 2019 elections, will be announced in a span of less than two weeks. The Union Budget 2018 rides on high expectation as it is the first budget announced after the rollout of the Goods and Services Tax (GST).

On the job front, the Narendra Modi-led government will unveil a national employment policy. This policy is expected to be a blueprint to generate quality jobs in India Inc.

Besides this, expectations vary from income securities to farmers to reduction of corporate tax slabs.

Most of the expectations around tax slabs include raising the exemption limit to Rs 3 lakh from the current Rs 2.5 lakh. Subsidy on interest rates for first time homebuyers is another popular request from the masses.

Zeebiz asked a few people for their expectations from this financial year’s budget beginning April 1, 2018. Here’s what they had to say.

Address The Environmental Crisis

“There are many things that I would like to see from the Union Budget. But I am going to focus on a few aspects which I consider are urgent in the India that I know,” Suren Abreu, environmental activist and feminist told Zeebiz.

The points laid before the government on an environmental front by Abreu were pertaining to the agrarian crisis and plight of farmers, investing in alternative energy fuels and regeneration of forests.

“The statistics that the Indian government has, shows us that we are missing 20 million hectares of forest in India, by the government’s own admission. And if you go by something more truthful, which is not the government, which is satellite imagery, we are missing almost 50 million hectares of forest in India,” Abreu added.

Image Source: India State of Forest Report, 2015 statistics.

Image Source: India State of Forest. Report, 2015 statistics.

Student Loans

A large part of the country’s youth relies on Education Loan for pursuing higher education. A 100% deduction on the interest on education loan has also been anticipated by the people.

An education loan in India can vary anywhere between Rs 50,000 to Rs 75 lakh by a few private sector banks. Interest rates on these loans can go up to 12.5%.

Rhea Pereira, a student of SNDT Women’s University is hopeful that the government will bring down interest rates on student loans.

Startups

Startups that have dealt with the government’s decision to demonetise higher currency in 2016 and the rollout of GST have a higher expectation from the Union Budget 2018.

The biggest expectation from the Union Budget by startups is abolishing of the angel tax. Under the tax, which was introduced in 2012, any investment raised from domestic angel investors above the fair value of a venture as determined by the CBDT will be taxed as income in the hands of the startup.

Rafael Pereira, Founder and Director of Cadre, feels more recognition should be given to startups in the field of media and entertainment. Pereira also voiced the need for extending the period of tax linked deductions given to startups.

Tax Slabs

Under existing slabs, 20% tax is levied on annual income of Rs 5-10 lakh while 30% tax rate is applicable for personal yearly earning above Rs 10 lakh.

Tax slabs reduction is one popular request of the people. “Definitely the tax slabs which are at 20% should be reduced to 10% with the amounts remaining the same,” Lilac Lewis, Supervisor, Quality Control in a multinational company said.

“As a middle class working employee, my biggest expectation from the budget is restructuring of the salaried tax. I think that with the government’s claims of our tax base increasing due to the Aadhaar linking, demonetisation, GST, the small tax base that we’ve had up till now should receive some kind of tax rebate,” said Nehal Kumar, Senior Business Analyst.

“With the Union Budget I expect the tax slab to be around Rs 10 lakh for the working people,” said Hrishikesh Waghmare, Operations Lead in another multinational company.

Home Loans

An Income Tax Exemption for the principal amount of home loans under Section 80C is applicable. However the cap of Rs 1,50,000 is shared with other investments like PPF, LIC.

“Exemption on the interest of house loans is very minimal. The exemption on the principal and the interest of the house loans is pulling back middle class from buying new houses and are pushing them to stay on rent,” said Moiz Bharmal, Senior Business Analyst.

“I understand one of the objectives is to have affordable housing for every citizen by 2020. If that has to happen then the rebate on home loans should be increased,” said a General Manager, Tushar Ubhaykar.

Medical Benefits

An increasing number of people in India spend for health care with 'out-of-pocket' cash. "Rural households primarily depended on their ‘household income / savings’ (68%) and on ‘borrowings’ (25%), the urban households relied much more on their ‘income / saving’ (75%) for financing expenditure on hospitalisations, and on ‘(18%) borrowings," a report by Pharmacoeconomics revealed in 2015. 

A report by Times of India last year revealed that 80% of India's population were not covered under any health insurance plans.

“While I am young I can still handle my medical expenses but if I compare it with my old age, savings that I do today, I don’t think I am well prepared to cover my medical expenses for the future,” said Shrushti Deshmukh, General Manager in an MNC.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Union BudgetBudget 2018Budget FY19expectation from Budget 2018home loansTax slabsStartupsstudent loansEconomy
RELATED NEWS
Budget 2021 Expectations LIVE: Check latest news, updates, demands of India Inc. here Budget 2021 Expectations LIVE: Check latest news, updates, demands of India Inc. here
Budget 2021: Customary halwa ceremony to kickstart budget proceedings today Budget 2021: Customary halwa ceremony to kickstart budget proceedings today
Budget 2021 Expectations LIVE: Check latest news, updates, demands here Budget 2021 Expectations LIVE: Check latest news, updates, demands here
Budget 2021: Agewell reveals what the elderly really need - From tax relief, special provision in schemes to revision in pension Budget 2021: Agewell reveals what the elderly really need - From tax relief, special provision in schemes to revision in pension
Union Budget 2021-22: Circular issued by Department of Economic Affairs - All you need to know Union Budget 2021-22: Circular issued by Department of Economic Affairs - All you need to know

LATEST NEWS

IRCTC Share Price: This Multibagger stock soars to near life-time highs! You can make money from it too, check what experts said

Post office account holder? Important news on cash deposit, withdrawal - check new charges on savings, current and other accounts

Tata Motors drives in new Tiago trim with automatic transmission priced at Rs 5.99 lakh

UPSC notification 2021: 10 things you need to know for appearing in the UPSC CSE Prelims 2021 civil services exam - Candidates don't miss

IRCTC share price today hits life-time high of Rs 2015.80; Investors make big money

Exclusive: Jet Airways deal will put country's airports at risk

7th Pay Commission latest news: REVEALED! Salary may be affected by New Wage Code - know details

Exclusive: Power Grid InvIT IPO to be launched soon; to be game-changer for company, Anil Singhvi says

LIVE: BJP West Bengal Election Candidate List 2021 - Meeting begins! Modi, Shah, Nadda to finalise names

Barcelona reach Copa final with epic comeback win over Sevilla

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved