Pranab Mukherjee
Finance Minister Pranab MukherjeeReuters

For the aam aadmi, the week leading up to the presentation of the Union Budget is the time to look back at the past year and check their savings. They want to save more this year as rising prices of basic commodities has affected their savings.

Inflation hit the common man hard last year, and now they expect some relief when Finance Minister Pranab Mukherjee presents the annual budget in parliament on March 16. They are keeping an eye on the Direct Taxes Code (DTC).

"The government should raise tax exemption limit to 2 lakhs. It's difficult to save as prices of all things including basic commodities have increased," said 28-year-old housewife Varsha.

"I will be happy if the government increase tax exemption limit from Rs 1 lakh to 2 lakh. It will encourage people like me to save more for our future and for our children. I also would like the government to increase the first taxable slab from Rs. 1,80,000 - 2 lakh to Rs 2 -5 lakh," said 42-year-old Elvis.