Indian taxpayers are desperately waiting for the Finance Minister’s 2019 budget speech.
Expectations are soaring among Indian taxpayers, who are eagerly awaiting new finance minister Nirmala Sitharaman’s maiden budget speech on July 5.
Most of the taxpayers are hoping for further revision in income tax slabs and individual rates.
Some people said they want the new finance minister to further increase the basic exemption limit from Rs 2.50 lakh to Rs 5 lakh. A few others want the government to increase income tax deduction under Section 80C of the Income Tax Act.
But is it possible for Nirmala Sitharaman to propose further changes to income tax, given the current fiscal situation of the country?
According to tax experts, the legislature is probably not going to expand the fundamental annual expense exclusion limit in the current year’s full spending plan as it had effectively declared an arrangement where people acquiring up to Rs 5 lakh can get full duty discount under Section 87A.
Some experts feel that increasing the basic exemption limit to Rs 5 lakh will defeat the purpose of the interim budget announcement.