Budget for Aam Aadmi

Congrates to Finance Minister for allocating funds to create 12 million jobs per year and paying due attention for the growth of agriculture and social sector. The only and important concern here is will these funds reach to the targeted beneficiaries or will get lost en-route. As per the statements issued, during election rallies, by top leadership of congress only 10% of the funds so allocated reaches to the actual beneficiaries. Much of the time was wasted during last five years to convince left parties to allow disinvestments in Banking and Insurance Sector but the Finance Minster in his budget speech has reversed the same, which is of great concern. Nothing has been said about the future of most important treaty of previous government i.e. Nuclear Deal with USA. Since our country is energy-starved state much depends on this treaty to make our country self sufficient as for as energy is concerned. It is not fair to link every progress to 2014 being election year. On the one hand 100 days agenda is being vigorously followed to get quicker results to push country's economy to higher trajectory but at the same time budget sets 2014 as the target year, which is five years down the line.
On the income tax front withdrawal of FBT, increase in the basic limits of exemption and abolishing surcharge of 10% is a welcome step but increase in the rate of MAT and not restoring standard deduction has left a bad taste in the minds of assesses.

Dilip K Raina
Chartered Accountant & Microsoft Certified Professional