The Great Debate (India)
What do you expect from Budget 2012/13?
Finance Minister Pranab Mukherjee will present the annual budget in parliament on March 16.
The Direct Taxes Code (DTC) will be in focus this year. Individuals will seek more clarity on income tax slabs and the investment instruments eligible for tax exemptions. Options like tax-saving funds (ELSS) may no longer be eligible for tax breaks going ahead.
Reuters India asks its readers to don the finance minister’s cap and tell us what shape they would give to the budget.
What is your budget wishlist for this year? What should the income tax slabs look like? Which investment products should be added or removed from the exemption list?
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Are you happy with the Railway Budget?
Railways Minister Mamata Banerjee unveiled a populist budget on Friday that froze both passenger and freight fares, disappointing hopes for major reform in a lagging sector key to the country’s infrastructure growth.
For Railway budget highlights, click here
Did the Railway budget meet your expectations? Share your views.
No hike in fare is a welcome sign but degrading food quality is food for thought for Didi to consider.
What do you expect from Budget 2011?
Finance Minister Pranab Mukherjee will present the annual budget in parliament on February 28.
The government is already facing criticism over high inflation. What are your expectations from the finance minister?
Should personal income tax slabs be relaxed further? What should be done to control soaring food prices?
Reuters journalist Urvashi Sibal gets us some expectations from people in the capital.
(In order of appearance: Ankit Jain, Business professional; K K Singh, Retired business professional; Dr Aruna Mohan, Associate professor, Delhi University; Kanishk Bhalla, Chartered Accountant)
we are all scarred with the govt on the 2g/3g scam , well please look at the common man and dont kill us with more taxes , increase more job and work on to reduce the corruption
Has the fuel price hike hurt your budget?
The government has freed up state-subsidised petrol prices and also hiked the prices of diesel, cooking gas and kerosene.
Petrol prices would be market driven and have been raised by 3.50 rupees per litre, while kerosene prices were hiked by 3 rupees a litre. Diesel prices saw an addition of 2 rupees per litre and will be freed up in the future. Cooking gas prices were raised by 35 rupees a cylinder.
The opposition parties have called a day-long strike to protest the fuel price hike seen as adding to double-digit inflation.
“As I enjoy my morning coffee and unexpected holiday. Ashamed the political parties strike it out in the Maximum city, Mumbai, ” read a post on twitter as the opposition tries to make a point.
“Hope there’s no intent to impose a bandh on a plane in the air midway between two BJP ruled states,” read another tweet.
Has the fuel price hike hurt your budget? Share your views.
This matter has to be looked at in the right perspective. State owned petroleum enterprises are held substantially by the Govt. of India. The Govt. is representative of the people of the nation. When fuel prices are subsidised by the Govt. forcing the stated owned petroleum enterprises into the red it is akin to a bill that every Indian has to foot indirectly. However, in many ways the benefits flow largely to middle class and the elite.
This is unfair. Fuel prices have to be freed. Market forces should be unleashed and the invisible hand must be allowed restore a market distortion to its natural state.
What would you have done differently if you were FM?
The government raised personal income tax slabs for 2010/11, which could result in a net tax saving of 20,000 to 50,000 rupees for those earnings above 300,000 rupees.
Fuel prices — Petrol (by 2.71 rupees) per litre and diesel ( 2.55 rupees a litre) — would be raised from Friday midnight.Are you happy with Budget 2010/11?
Reuters India asks its readers to don the finance minister’s cap and tell us what they would have done differently.
If, i would be the finance minister, i could have removed tax from individuals who have income less than 3 lacks. The rates would be remain 20% for all others but every body should file the tax return so we will be knowing who is coming under taxable income and who should get refun
Has the Budget met your expectations?
Finance Minister Pranab Mukherjee may have disappointed the markets with a higher spending plan, but the salaried class is definitely walking away a little cheerful.
Mukherjee’s budget announcements include provisions that will see an increase in the take-home component of an individual’s salary.
Income tax exemption has been hiked by 15,000 rupees for senior citizens and 10,000 rupees for the other categories.
Some of the other proposals include elimination of 10 percent surcharge on IT and scrapping of fringe benefits tax (FBT).
Has the budget met your expectations?
Inclusive growth would be the underpinning for future growth. If the 800 million or so under $1 a day are uplifted – the aim of the current budget – these 800 million will drive the growth further. I think this budget is very sensible and the logic of the FM and the PM of this governtment is pretty obvious to see. There’s no beating about the bush – put the money and the opportunity into where the need is.
Thanks, Ajay
Is the budget over-rated for our personal finances?
By iTrust Financial Advisors (www.iTrust.in) When it comes to our personal finances, the annual budget is not really worth that much attention. Every year expectations build up that major tectonic shifts will happen that will impact our personal finances.
This year is no different. In fact, the expectations are even higher given the outcome in the general elections. The usual items populate the wish list of changes that are being talked about by pundits.
Here’s a quick compilation of items, by personal finance category, that could have an impact on our personal finances. But do keep in mind that not all of these could happen, or happen in the magnitude that they are expected to.
Stocks and Trading Phase out of securities transaction tax and commodities transaction tax. The impact of this could be that trading could become marginally cheaper than what it is today.
Mutual Funds Nothing major expected here. The big change, not a part of the Budget, was SEBI’s new policy on zero entry loads for mutual funds, i.e., no more fees paid out of our money to sellers of mutual funds.
Insurance The Life Insurance Council of India has asked for a separate limit for deduction under Section 80C for long term instruments like insurance. If this were to happen, the impact of this could be that one will get a higher annual amount for your tax deduction.
There is also talk of limiting the service tax on ULIPs to only the fund management charges. If this goes through, the impact will be to reduce the overall charges levied on one’s ULIP.
Govt should increase the interest exemption for home loans… This will also help realty companies as demand would increase!
What would you do if you were the FM?
The task before the finance minister is tricky as the Congress-led government gears up to present the annual budget for 2009-10 on July 6.
Reuters India asks its readers to don the FM’s cap and tell us what shape they would give to the budget to keep a country of over 1 billion people happy.
Extremly poor budgetIt lacks directionsWe need to make Income tax compulsory for all not put tax limits. Let it be small amount let it be even 5% but everybody should pay tax otherwise they would never respect infrastructure and act irresponsibly.When whole world looks for non-agricultural way of developing we still relay on agriculture. Are we going back or forwards? We need food but when things can be done by 10% of population how can you engage a major population in it? That is called inefficiencyThere is no clear cut direction for INDIA. India has lost to china and will loose it\’s power due to direction-less budgetTo give food to needy is a temporary solution but to make him capable to earn is real solutionUnfortunately this government has nothing to offer except sellouts and charity which is again inefficient way of managingOverall the stock market is too much up and this budget speaks that this government lacks clarity,will,management and economics to take INDIA forward or make it world leaderWith this budget there is no over-reaction this market is extremly over priced. India is flying in dreams and yet needs to test the level ground of actionsUnfortunately with this budget India has lost it\’s credibility once again. It is unstable. It is reflection of mindset of chaos and lazinessEnd resultThe real industry the real finance the real farm sector, the real estate is extremly overpriceand in 1 year or 7 years from now that is sooner or later INDIA will face the same credit-crunch and declining estate prices and will pay price for lack of visionary,greed and mismanagementBottomline the correct land value in INDIA is 50% of what it is nowThe correct market is at least 60% down meaning this market is 60% overpricedThese may seem overstatements or pessimistic views but this is realityThose westeners who are investing in INDIA are just playing games and they will withdraw sooner or laterWe still work on populist not econmoist fundamentals which means we want everything without doing anything and that will be the cause of our downfall
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The Wall
Pranab Babu, stop misusing Petrol & Diesel atleast in your Department. No need of heavy convoy when you are moving spending lot of fuels, and pressurising us to pay higher rate of fuels.