Union Budget 2016: 10 things common man is eagerly looking forward to

New Delhi: With just a week remaining for Finance Minister Arun Jaitley to present the Union Budget for 2016, the common man has started building up expectations from the Narendra Modi-led NDA government at the Centre.

 

Here are 10 things that the common man is keenly looking forward to in the upcoming Budget.

1. The common man expects the income tax limit to be increased from prevailing Rs 250,000 to Rs 300,000. This would help people save more.
 
2. People also expect that the allowances exempted from tax are increased along with rise in exemption limits under Sections 80C from the present Rs 1.5 lakh to at least Rs 2.5 lakh.

 

3. It is also keenly watched if govt comes up with the announcement on hiking health insurance premium and payment made on account of preventive health check-up limit in Section 80D.

4. The amount of medical expenses reimbursed by the employer on treatment of employees or their family members is exempt from tax to the extent of Rs 15,000 per annum. The common man will look forward to a change in limit as the present threshold was set way back in 1998.

 

5. Another major area which the common man finds association is the transportation. It is widely expected that the allowances limit is revised from the current Rs 1,600.

6. Common man also expects that education allowance also sees an upward revision from Rs 100 per month per child.

7. It has been reported that government is working on a cashless health insurance scheme for senior citizens which may be announced in the upcoming Union Budget 2016-17. This will be eagerly watched by the people.

8. People will also keenly watch this budget that can ensure that India will continue to be a haven of stability and growth in a very turbulent and choppy global environment.

 

9. The common man will also watch Finance Minister's announcement on provisions relating to smoother scrutiny assessments and speedier tax refunds.

10. Another very important aspect that the common man will be looking forward to is upgrade in tax exemption limits on interest and principal repayments on housing loans.