Tirupati: Various sections pin hopes on rise in I-T exemption limit

Tirupati: Ahead of the presentation of Union Budget 2022-23 by Union Finance Minister Nirmala Sitharaman on February 1, various sections have been eagerly waiting for the announcements on increasing the Income Tax (I-T) exemption limit and other concessions.

Hoteliers have been seeking several sops to boost the sector which was worst affected during the pandemic while the common people want relief from rising prices.

Dr P Raviraju, Deputy DM&HO, opined that Income Tax exemption limit was not increased for the past several years and it is the right time for the Central government to take a call on this. Especially salaried people have been facing a huge burden of taxes and looking for a major relief. The Budget should also focus on giving tax reliefs for medical infrastructure for which the demand has surged during the pandemic. It has now become a necessity for every hospital to increase the infrastructure and it should be incentivised.

Another government employee Veera Kiran observed that people of all sections in the society have been facing tough financial situations post Covid pandemic. The expenses have increased heavily and with the present incomes, people are finding it difficult to meet them. Only salaried people were being burdened more with Income Tax while other sections have been evading it by various means. Like in other countries, the government should provide huge income tax relaxations at this juncture.

The vice-president of AP Hotels Association K V Chowdary felt that the hotel industry has been facing rough weather for the past two years. Despite contributing 10 per cent to GDP, the sector was not getting its due encouragement from the government. It should be recognised as an industry so that they can get more concessions such as subsidies in power tariff etc., Karnataka and Maharashtra have already done that which is encouraging. The hotel sector also should be provided tax incentives and subsidies. The government should also fulfil its promises to the sector from time to time.

Former chairman of CREDAI Tirupati chapter V Srinivas expressed the need to raise the tax deduction on home loan interest to boost the housing sector. He said that especially in AP, the sector is in doldrums due to the non-availability of sand, uncontrollable cement syndicate etc., which has inflated the cost of construction. Unless some big push is given in the form of concessions the sector cannot revive.

Also, people of all sections want the government to bring down petrol and diesel prices which have made a big dent on their monthly budgets in these tough times. The Budget should also focus on bringing down prices of essential commodities.

A travel operator felt that air ticket rates can be further reduced to attract the middle class even more. Similarly, there were long pending demands from denizens for a daily train between Tirupati and Shirdi and additional trains on Visakhapatnam and Hyderabad routes. It has to be seen how the Finance Minister fulfills the aspirations of people in the new Budget.