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Budget Expectations: Business class awaits relief on direct tax slabs
March, 12th 2012

Businessman generally expects the Budget to create a positive environment in the marketplace for him to do business. Will our Finance Minister boost the sentiments and business confidence by announcing consumption-oriented Budget?

Last year's Budget had brought some relief to the common man. The expansion of tax slabs not only provided considerable relief to tax payers but had also triggered savings and their consumptions for infrastructure development. Pranab Mukherjee had declared a tax exemption on  Rs 20,000 for investing in tax saving infrastructure bonds.  Yet a number of earning individuals were hoping for a comeback of Standard Deduction, but were left unpleased after the announcement.

Under the new tax slabs, base slab for tax payers has been increased to Rs 1.8 lakhs from Rs 1.6 lakhs. Also the second slab with 10 % income tax bracket on taxable income up to Rs 3 lakhs has been increased to Rs 5 lakhs.
Therefore this Budget should ease the direct taxation slabs which will prove beneficial for the professionals and businessmen & will help them expand their business. But to what extent, that remains a question in everyone's mind.
On the other hand if the taxes are increased it will end up in a negative scenario. There can be additional surcharge to compensate the fiscal deficit.

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