NEW DELHI: With Budget 2018 round the corner, individual tax payer and common man in the country started to raise their expectation from finance minister Arun Jaitley from the biggest and the much anticipated financial event of the country. Union finance minister expected to table Budget 2018 on February 1 this year.

Here are a few items in the common man or individual tax payer exceptions wish list from Mr Jaitley:

RAISE BASIC EXEMPTION LIMIT - With exemption limit lastly revised in 2014, every tax payer in the country expecting that government must raised exemption limit from Rs 2.5 lakh to Rs 3 lakh. For senior citizens it should be increased from Rs 3 lakh to Rs 3.5 lakh.

RAISE IN TAX WRITE-OFF UNDER SECTION 80C - With investments under some mentioned investments schemes and plans, investors (tax payers) are eligible to get tax write-off upto Rs 1.5 lakh. Many in the country anticipates it must be raised to Rs 2 lakh. Move will automatically switch tax payers from traditional saving methods like recurring deposits and other way to systematic investment.

RAISE TAX-OFF LIMIT ON NPS CONTRIBUTION - Likewise Under Section 80C, tax payers are eligible to get additional deduction on contribution to National Pension Scheme (NPS), a government-sponsored pension scheme up to Rs 50 thousand under section 80CCD(1B) of the Income tax Act. Tax payers in the country expecting deduction increase to Rs one lakh. Move might provide boost to NPS and will automatically accomplish Jaitley’s dream of pensioned society.

RE-INTRODUCTION OF INFRASTRUCTURE BONDS - Investors in the country anticipating re-introduction of infrastructure bonds from finance minister as any introduction in the plan help tax payers to get additional eligibility to get additional deduction upto Rs 50 thousands. Step will also help to encourage infrastructure sector in the country.

RAISE TAX WRITE-OFF FOR MEDICAL EXPENSES - At present, any kind of medical bill paid by the employer upto Rs 15 thousands are tax write-off annually. With medical expenses increased manifold in the recent years and lastly this limit was revised more than 15 years back, thousands of employers in the country expecting this limit to raise from Rs 15 thousand to RS 30 thousand this time.

RAISE HOME LOAN INTEREST LIMIT ON SELF-OCCUPIED PROPERTY - With skyrocketing real-estate market and prices has shot-up manifold, every common man dreaming his own house depending heavily on home loans as a source of financial support from banks and other financial sources to fulfill their dreams. With currently deduction limit for interest on self-occupied property limited upto Rs two lakh, common man expecting FM to raise this bar to Rs three lakh.