Budget is a huge dissappointment

BUDGET IS AHUGE DISSAPPOINTMENT

The budget presented by Pranab Mukherjee the Finance Minister for the FY 2010-11 falls short of the expectations of the ordinary tax payer. In view of the steep rise in prices of the essential commodities and the food articles there was an expectation that the basic exemption limit would be raised at least to Rs 2 lakhs. To provide some relief to the salaried class and the pensioners the standard deduction should have been reintroduced. There was also a demand for removal of ‘Tax Deduction At Source’ for interest payment on bank deposits. Unfortunately none of these reliefs have been provided in the budget. Tax payers with less than Rs 3lakh income get hardly any relief from the budget. The proposed hike in excise duty on petroleum products by a rupee is expected to result in an increase of about Rs2 per liter of petrol and diesel. This will not only cause hardship for the common man but also result into increase in the prices of all the commodities putting pressure on the inflationary trend. All in all the entire budget is a huge disappointment to the common tax payer.