Budget will be responsible towards its citizens, says FM

Budget will be responsible towards its citizens, says FMIndia's union Finance minister has said that P Chidambaram has assured people that the union budget for the coming financial year will be responsible towards its citizens. There are several recommendations and suggestions forwarded by analysts and intellectuals in the country ahead of the budget, which impacts the entire Indian economy and beyond.

The government is trying hard to control its deficit amid a global economic slowdown.  The finance minister is hoping for higher growth to be able to meet targets for reducing its fiscal deficits.

Among the many suggestions, the government is considering introducing a Tax Deduction at Source (TDS) on transfer of immovable property, increasing customs duty on gold from 2 per cent to 4 per cent and increase in direct taxes.

a majority of salaried taxpayers across industries in the country want the government to increase the tax exemption level to at least Rs. 3 lakhs in the upcoming union budget. 

A survey showed that taxpayers also want the finance minister to include deductions like medical and educational allowances in the Budget.  More than 89 per cent of the participants believe that tax free income slab has not moved in according with the real inflation.