What does the Common Man want in Budget 2017?

The Budget is just around the corner, and as always, there’s a flurry of expectations and speculations about what it has in store. A recent survey by Deloitte offers some interesting insights into what people want from this year’s Budget.

1. Exemption for time deposits
Should the Section 80TTA deduction, currently applicable to interest from saving bank accounts, be extended to interest on time deposits?
Yes: 74%
No: 26%

2. Paying tax on deemed rent
Individuals who own residential properties, aside from their self-occupied home, have to pay tax on notional/deemed rent from the additional property. This means they have to pay tax on income they have not received. Should this be done away with?
Yes: 69%
No: 31%

3. Leave travel allowance
Should the leave travel allowances exemption be extended to international travel, and be allowed for one journey per year?
Yes: 76%
No: 24%

4. Applicability of advance tax
Advance tax is applicable if the estimated tax payable exceeds Rs 10,000. How much should this limit be raised to?
9% Rs 40,000
35% Rs 20,000
20% Rs 30,000
36% Rs 50,000

5. Deduction for infrastructure bonds
If the deduction for investment in long term infrastructure bonds is reintroduced, what should the limit be?
47% Rs 75,000
53% Rs 50,000

(Source: Deloitte Pre-Budget Expectations Survey Report, 2017.)