The middle class anxiously looks forward to see what is in it for him in the annual budget.
The budget 2015 presented by Union Finance Minister Arun Jaitley has been a mixed bag for the middle class. Here is what is bound to elicit yahoos and hurrahs and what is sure to bring boos and sniggers from the middle class:
· No income tax for anyone with an annual income of Rs 4.40 lakh
· Leather products to become cheaper. Excise duty on leather products down by 6 per cent.
· Transport allowance deduction hiked to Rs 1600 from Rs 800.
· Health insurance gets tax benefits. The exemptions rise.
· Exemptions for healthcare expenditure to go up to Rs 30000.
· No change in Income Tax slabs and exemptions.
· PAN number mandatory for any purchase of more than Rs 1 lakh
· Service tax hike to hit all services.
· Cigarettes, tobacco products to become costlier. Excise duty on cigarettes up by 15 per cent.
· Credit and debit card payments to become costlier.
· Cyber cafes, gyms, beauty parlours to become costlier.
· Subsidy on LPG cylinders to be removed for the upper middle class. May have to buy at market price.
.Panmalasa to cost more