Pre-Budget Survey: Income Tax Sops, Increase in Defence Expenditure Expected

GITAM Institute of Management students conducted sample survey ahead of Budget

Published: 27th February 2016 05:07 AM  |   Last Updated: 27th February 2016 05:07 AM   |  A+A-

VISAKHAPATNAM: Employees in Visakhapatnam city seem to be expecting a considerable increase in the income tax slab and the tax deductions limit on the housing loan. While general public expects more measures to decrease the food inflation and expressed inconvenience in claiming the subsidies due to Aadhaar card linkage, the corporate sector strongly felt that removal of Minimum Alternative Tax (MAT) in SEZs will improve the results under the Make in India initiative.

These were some of the interesting findings as part of a pre-budget opinion survey conducted in the city. Students of GITAM Institute of Management at GITAM University have conducted the sample survey ahead of the Union Budget 2016-17, involving about 100 people from various sections of the society. A whopping 90 per cent people strongly feel that the government will announce a special package for the state.

According to the survey, the priorities of the budget would be jobs and economic development (46 per cent), agricultural support (21 per cent), better roads and infrastructure (17 per cent), health (six per cent), social services and anti-poverty measures (six per cent), and environmental protection (four per cent) in that order. Nearly 40 per cent people strongly feel that direct benefit transfer of subsidy using Aadhaar will be made mandatory. Over 82 per cent citizens strongly predict huge funds for urban infrastructure and another 87 per cent are expecting the government to take measures to reduce food inflation.

As per the survey, about 62 per cent of respondents highly expect the government to increase the income tax slab limits, while 36 per cent respondents predict that the government will increase tax exemption limited under 80C. Nearly one-third respondents wanted the government to increase the maximum tax deduction on the payment of home loan interest from the existing `2 lakh. More than two-thirds of the respondents wanted the government to increase defence expenditure and also reduce subsidies, including LPG subsidy to the rich. Around 43.85 per cent sought the government intervention to reduce inflation.

About 80 per cent of the corporates are expecting favourable outcomes in the areas of Make in India, investment-friendly environment, reduction in tax rates and special package for Andhra Pradesh. They also favoured a single window clearance and an improved ease of doing business system in place. About 73 per cent of the corporates hope for better outcomes in the industry and inflow of FDI due to implementation of GST (Goods and Service Tax).

GITAM Alumni Form NGO

Visakhapatnam: A team of GITAM University alumni of MSc environmental science (1997 batch) started Ecovision - Adopt a Plant Foundation, an NGO, aiming to enter the Guinness Records through mass plantation in one hour duration. The team is planning to plant 25 lakh saplings in all 23 districts of Andhra Pradesh and  Telangana states on August 14, 2016 from  10.10 am with the help of universities and colleges.

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