Union Budget 2015-2016 What to Expect ?

The annual national budget for FY 2015 -16 is on its way to be unveiled in a day's time. Every year it brings a lot of hope to improve our current financial situation. The small changes tweak our home budget to a great extent. We are affected by its announcement as not every state has its head promising lower tariffs on electricity and water. All that the budget can do is broaden the gap to accumulate savings and better lifestyle, but not the reservoir of monthly income. The income may improve only when there are special rebates or tax holidays announced.

So what would you like in this budget:

• Higher basic tax exemption limit for both - male and female
• Increased limit for deduction under Section 80C (currently at `1,50,000)
• Additional deduction beyond the clubbed limit of `1,50,000 for investment in pension products to induce long term savings.
• Increase in health insurance premium deduction - especially for senior citizens. (currently at `20,000 for senior citizens)
• Higher exemption limit for non guaranteed education loans. Preferred interest rate on education loan.
• New tax savings especially for investment for girl child (up to 12 years).
• Revised reforms in MWP Act to safeguard the rights of spouse and children.
• Revision of allowances limits for salaried class especially in medical and conveyance.
• More initiatives to promote low cost housing projects
• Low prices for essential commodities

 Your homework once the budget is out: 

• Establish your new projected total income.
• Calculate the change in taxable income.
• Make a list of all your fixed annual deductions available for claims and start investing in it.
• In case of any additional deductions announced utilize it only if matches your goal planning tenure.
• If retirement savings have not begun, consider to begin saving for it.
• Start all your paper work from April itself.

Be Informed. Be Proactive.

The national budget is a precursor to design our own home budget. 

Devise your own financial plan today.

Thanks and Regards

Team

Saarthi Financial Planner

Email: saarthifp@gmail.com

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