Income-tax exemption Limit be raised to Rs 3.6 Lakh : @aamaadmiparty

The Aam Aadmi Party wishes to remind the Prime Minister, Mr Narendra Modi of the promises that he and his party had made during elections.We sincerely hope that these promises were not merely slogans to
garner votes and the Modi Government is serious about them. The first General Budget of the NDA government will be a test of its sincerity of the promises made in BJP’s manifesto.

Here is the wish list of the common man of this country from this
general budget :

· IT Exemption Limit be raised to Rs 3.6 Lakh, it translates into Rs 30,000 per month which is very reasonable in the high cost of living in metro cities like Delhi.

· IT exemption Section 80C Limit – Should be increased to at least Rs 2 Lakh. This will spur savings also, saving rate of India has fallen dramatically.

Limit for exemption for Medical reimbursement perquisites should be increased to Rs. 50000/- from existing Rs. 15000/- to meet the increased cost of Medical services.

Home loan Interest exemption limit for self-occupied house was fixed at Rs. 1,50,000/- in. 2002-03 and even after 12 Years the limit remains the same. The Limit should be raised to Rs 3 Lakh
considering the rise in prices of property across the country.

· Transport Allowance – The transportation allowance granted by the employer to his employee for commuting between the place of work and residence is tax-free to the extent of Rs 800 per month. This limit was fixed more than a decade ago, and needs to be revised upwards to at least Rs 3,000 per month, given the rising commuting costs.

· Faster process of Income Tax Refund – Income Tax Refund needs to be processed faster and taxpayers should not be penalized for deficit in revenue target by withholding the refunds and further there should be a mechanism which can insure that taxpayers should not be penalized for mistakes of tax deductor.