What Do Taxpayers Want In Budget 2017?

The Budget is just around the corner, and as always, there’s turmoil of assumptions and considerations about what it has in store. A recent survey which has been done, offers some interesting intuitions into what people want from this year’s Budget. 

1. Exemption for time deposits
Should the Section 80TTA deduction, currently the applicable to the interest from the saving bank accounts be extended to the interest on the time of deposits?

2. Paying tax on deemed rent
Individuals who has their own residential properties; beside from their self-occupied home, is required to pay tax on the notional/deemed rent from the additional property. This means that they have to pay tax on the income which they have not received. Should this be done away with?

3. Leave travel allowance
Should the leave travel allowances exemption be continued to the international travel, and be allowed per year for one journey?

4. Applicability of advance tax
Advance tax is applicable if the predicted tax payable crosses Rs 10,000. How much the limit should be raised to? For example:
9% Rs 40,000
35% Rs 20,000
20% Rs 30,000
36% Rs 50,000

5. Deduction for infrastructure bonds
If the deduction for the investment in the long term infrastructure bonds is re-established, what should the limit be?
47% Rs 75,000
53% Rs 50,000 

Tax Assist is a professional income tax consultancy in India for both corporate houses and individual tax payers; the latter comprising Salaried Individuals, Seafarers, Professionals and Non Resident Indians.

With the help of Tax Assist and its team of income tax professionals, taxpayers can minimize their Income Tax liability, maximize their net income and create opportunities to save for current and future needs while maintaining proper accounting standards and income tax returns which are compliant with the Law.