Tomorrow, in yet another Union Budget for 2015-16 Arun Jaitley Finance Minister has often said that he is not in support of further burdening salaried and middle class with more taxes, raising expectations of tax payers in Union Budget. Expectations of tax relief are high because Mr Jaitley’s first Budget led to tax savings of about Rs. 40,000 for those in the highest tax bracket last year. Jaitley’s first and previous Budget of July 2014, FM not only increased income tax exemption from Rs. 2 lakh to Rs. 2.5 lakh, but he also raised the exemption ceiling on home loan interest to Rs. 2 lakh from Rs. 1.5 lakh. The limit of savings permitted under Sector 80C was hiked from Rs. 1 lakh to Rs. 1.5 lakh.
