Budget 2021: Deciphering expectations of the common man
Budget team of CBIC (Central Board of Indirect Taxes and Customs) with Finance Minister Nirmala Sitharaman along with MoS Finance Anurag Thakur on the eve of Budget 2021. Image source: Twitter

Budget 2021: Deciphering expectations of the common man

Here are some expectations of the common man from Budget 2021

With Finance Minister Nirmala Sitharaman set to deliver the Budget 2021 on Monday, there are certain expectations of a common man ahead of the session. The common man is waiting for tax relief and other fiscal approvals by the Centre. People think that it will help in planning their tax matters professionally in the coming year. With the cost of living increasing and inflation on the surge, there are high expectations from the Centre.

Here are some expectations of the common man from Budget 2021:

Pension scheme

A large population of senior citizens in the country do not have the advantage of a pension scheme. Industry experts state, by presenting a universal pension package with senior-friendly tax structures, the Centre has a chance to give financial liberty to that part of the population.

Tax benefits

People living middle-class life wants the government to extend some tax benefits as a part of the central government’s plan to improve the economy and evaluate growth and demand. Sources said that this year’s Budget may have concessions declared earlier under the Atmanirbhar Bharat package to help people in their fight against the novel coronavirus.

Work from Home is new normal

Work-from-home is making a buzz these days amid COVID-19 outbreak and the salaried class will have to suffer additional expenditure to meet communication and infrastructure supplies. Introduction of the standard deduction for such expenditure would be welcomed by working professionals.

Import duties

Experts are largely divided on the issue of import duties which are largely seen as damaging even for local manufacturers. The government is mulling to climb import duties on at least 50 items such as electronic devices, appliances and smartphones. It is done to boost local manufacturing and reduce dependence on imports. However, during the recent days when employment and income remain upset, this might hit the optional spending capabilities of the customer.

The people of our country are hopeful of these suggestions, it is likely to give advantage to them at large. It will also usher in a better economic construction for the year.

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