New Delhi: Interim Finance Minister Piyush Goyal is ready to present the interim budget of Narendra Modi-led BJP government on Friday for the year 2019. The government is presenting an interim budget as the country has to hold Lok Sabha elections after 3 months. After that a new budget will be presented after the new government elections.
Given the pressures of the forthcoming elections on the government, there is a possibility of making big announcements keeping the middle class and farmers in the center.
According to the reports, the government is likely to declare a farmer relief package or stop farmer loan; Indian farmers have been demanding for a long time; And in three states, the Bharatiya Janata Party had to face defeat in the recent assembly elections.
According to the reports, the government is also likely to make announcements for the middle class, which was allegedly “neglected” in the last budget. This budget is likely to favor the middle class because the government is eyeing middle class votes.
Income tax exemption limits:
Reports show that the government can change the income tax exemption limit from current Rs 2.5 lakh to Rs 5 lakh. If this is announced, then many taxpayers will be affected by the change; Especially the middle class people
At present, those earning income up to Rs 2.5 lakh have been exempted from paying income tax; Whereas, those earning between Rs 2.5 lakh and Rs 5 lakh have to pay 5% tax with the cess.