New Delhi: Ahead of Narendra Modi government’s Union Budget 2016, to be presented by Finance Minister Arun Jaitley on Monday, it is being expected that for the fiscal year 2016-17, the focus will mainly be on stimulating growth without deviating too much from the fiscal deficit target set by Jaitley in his previous Budget.
So, what can a government do beyond mere tinkering to really ‘Start-Up India’ as promised as one of the flagship initiatives of the Centre. There are a lot of expectations from the finance minister. Market experts are concerned about how much expenditure will be announced to cater to the job sector.
Here are the top expectations from the Budget 2016-17:
The Top 10 Budget expectations:
1. Minimum tax bracket could go up-to 3 lakh.
2. Increase in tax deduction limit on home loans.
3. Threshold limit for Tax Deducted at Source (TDS) could see an increase.
4. A possible reduction in TDS rates.
5. Reduction in important duties to boost ‘Make in India’.
6. Raising the share of states in central taxes.
7. Concessions for infrastructure for financing.
8. Corporate tax may see a reduction.
9. Tax break for Start-Ups could be extended beyond 3 years.
10. Scrapping taxes on receipt of money for national pension scheme.