{"id":105684,"date":"2021-01-28T09:41:48","date_gmt":"2021-01-28T09:41:48","guid":{"rendered":"https:\/\/fin2me.com\/?p=105684"},"modified":"2021-01-28T09:41:48","modified_gmt":"2021-01-28T09:41:48","slug":"dear-nirmalaji-reduce-taxes-on-medicine-insurance","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/dear-nirmalaji-reduce-taxes-on-medicine-insurance\/","title":{"rendered":"Dear Nirmalaji: Reduce taxes on medicine, insurance"},"content":{"rendered":"
On Monday, February 1, 2021, Finance Minister Nirmala Sitharaman will present the Budget for Financial Year 2021-2022.<\/p>\n
Nirmalaji<\/em> has asked us to send the finance ministry inputs so that the government can prepare an all inclusive Budget, one that will incorporate the needs of its people.<\/p>\n In a month long series, A Ganesh Nadar\/Rediff.com<\/em><\/strong> speaks to Indians across the land about what their expectations from Budget 2021 are.<\/p>\n <\/p>\n Archana Ramanan<\/strong>, 34, an MBA degree holder, used to work for an MNC — first in India, then in the US. After she returned home, she worked as a teacher at Eurokids before choosing to stay at home.<\/p>\n Her husband Arvind works in a bank. They have a six-year-old son.<\/p>\n They live in a rented house and have no plans, at present, of buying their own home.<\/p>\n Here’s what Archana would like to tell the finance minister:<\/p>\n Dear Nirmalaji<\/em><\/strong>,<\/p>\n <\/p>\n During the pandemic, many people lost their jobs and many had their salaries cut. Personal income tax should be reduced so that people have more money to spend.<\/p>\n HRA, LTA and other deductions that were available in the old tax regime should be brought into the new tax regime.<\/p>\n Instead of giving farmers loan waivers, they should be given crop insurance; besides being an incentive to produce more, this also protects them from loss.<\/p>\n The cost of medicine is very high because of high taxes. The taxes on medicine, medical insurance and life insurance should be reduced.<\/p>\n People make investments for their old age, so taxes on investments should be reduced. Long term capital gains tax should be reduced as well. These investments help the government.<\/p>\n The government should spend more money on rural education. Also, healthcare facilities in rural areas must be improved.<\/p>\n If the Budget can have measures to improve the financial situation of women, it would be helpful.<\/p>\n The government should give additional tax benefits to employers who employ a greater percentage of women in their organisations.<\/p>\n This will help women get corporate jobs, thus improving their financial situation.<\/p>\n It will be a great milestone on the path to women’s liberation.<\/p>\n Thank you.<\/p>\n Earlier in the series:<\/strong><\/p>\n Feature Presentation: Aslam Hunani\/Rediff.com<\/em><\/strong><\/p>\n\n
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