What employees want from Union budget?

As Union Finance Minister Nirmala Sitharaman is preparing the Union Budget-2021 amid the crisis sparked by pandemic and resultant financial slowdown, The Hans India spoke to employees on their expectation from the Budget. Many employees, mainly from the public sector, are almost unanimous in their demand for increase in Income Tax slabs and reduction in tax rates to provide a relief to the middle class. 

The Centre should consider increasing the tax slabs and also bring down the tax rate by 5 per cent making the maximum slab rate at 25 per cent keeping the inflation in view as a solace to the common man. The Centre has to increase the deduction limit for medical insurance premium under Section 80D from Rs 25,000 to at least Rs 50,000 for self and family, and for senior citizens, dependent parents from Rs 50,000 to at least Rs 75,000. Need to reintroduce the deduction for investment in infrastructure bonds up to Rs 50,000.

Dr Kota Neela Manikanta, assistant professor, Vikrama Simhapuri University

Some incentives for the welfare of the teachers should be incorporated into the Union Budget. The allocation for education sector should be increased, National Education Policy 2020 should be withdrawn, two cents of land should be allotted to teachers at the time of retirement if they don't have any land. They should also be given risk allowance, the permanent fund for supporting the girlchild of the teachers should be set up and schoolchildren should be provided with breakfast from the Central funds. Income tax exemption for teachers should be raised considered up to 2 lakh and special TA provision and permission for visiting Parliament should be ensured for the teachers.

K Venkateswara Rao, general secretary, AP Teachers Federation, Nellore

Income tax slaps should be increased for a relief to lower and middle-income groups. Section 80c limit should be enhanced from 1.50 lakh to Rs 2.50 lakh. Reduction in long-term capital gain tax should be fixed from 10 per cent to 5 per cent. Tax should be exempted up to 50,000 interest earned on deposits held at banks which will increase deposits in banks.

Garlapati Harish Kumar, manager, Indian Bank, Narayanareddypet, Nellore

With regard to top-up second phase of housing loans, the existing 30 per cent income tax rebate should be enhanced to 70 per cent for the benefit of employees, who takes housing loans. Because of existing 30 per cent rebate, the employees are facing problems. The salaried sections are also expecting other relief measures in the ensuing budget.

P V B Ramana Rao, municipal corporation employee, Rajamahendravaram

Savings limit should be increased at least to Rs 3 lakh from the existing Rs 1.50 lakh in I-T, as the present limit is not enough. At the same time, there is a need to reduce income tax rate from the existing 10 to 15 per cent, which is burdening the employees and in March, the entire salaries of employees are deducted as income tax.

R C H Venkata Rao, Gazetted Librarian, Gowthami Regional Library.

Middle class and the poor are expecting a lot from the forthcoming Union Budget. Centre should announce measures for the benefit of poor and middle class people, instead of rich and corporates. Last year, budget disappointed the two sections.

K Satyanarayana, vice-principal, Rajamahendri Degree and PG College for Women.

Around 75 per cent of state and Central government employees will file income tax returns every year. It is no wonder that all such employees will eagerly expect maximum relaxation in Income tax deduction. I appeal to the Central Finance Minister to hike the income limit at least up to Rs 10 lakh this year.

N Udaya Kumar, secretary, Zilla Grandhalaya Samstha, Chittoor. 

The Centre should consider enhancing the savings limit eligible for income tax rebate. Now it is Rs 1.5o lakh and if hiked to Rs 2.5o, lakh, it will give much relief to salaried class. Unlike western countries, it is the saving that help the economy stabilise and also coming to the rescue of people in India in difficult times like the pandemic in India.

Vijay Simha Reddy, government employee, Tirupati

Central government needs to provide more benefits in the upcoming Budget to employees who are paying taxes without default. Sops are required for employees for availing loans through banks for house construction, purchase, etc., by reducing interest rates and providing subsidy which will help middle class employees. As medical expenses have increased, employees required a special health scheme in the Union Budget through government insurance companies.

Pydi Srirama Murthy, government teacher, Srikakulam.

Income tax slabs must be revised in the current inflation atmosphere as prices of all services and goods are in increasing. Tax exemption limit must be enhanced to Rs 10 lakh from the present Rs 5 lakh. Tax must not cross five per cent up to Rs 20 lakh and 10 per cent tax can be imposed up to Rs 30 lakh annual income. These three measures will be provide more relief to the employees working in both government and corporate sectors.

G Vasanthi, assistant professor, private engineering college, Tekkali.