Union Budget 2009 Live: High Expectations on Tax Saving Incentives

New Delhi: For the first time, the entire focus of a Budget has been shifted to tax incentives and taxation policy. Expectations are high for the taxpayers, as Union Finance Minister Pranab Mukherjee is preparing to present the Union Budget 2009 in Lok Sabha today. The general public, investors and industry have already sent their proposals to the Finance Minister.

While the common people expect several new schemes including the subsidised wheat and rice, the common taxpayers including the salaries people hope for an increase in the income tax exemption. They also want more relaxation in the Section 80C and 80D. It is also expected that the Finance Minister will increase the tax exemption limit for housing loans.

In addition, more benefits could be provided in terms of customs duty, excise duty, import duty and service tax structure. With just a couple of hours to go for the Union Budget 2009, everyone has their fingers crossed. The last time, Mr. Pranab Mukherjee had presented a full Union Budget, was in 1984.