This time the budget could be more friendly to the common man and the poor. The IT relief will be to the extent that it will help the salaried class to a larger extent.
“On the tax front, the government is expected to give a big relief, not only for the small business houses, but also for the common man.
The forthcoming budget may see a tweak in personal tax to give more money in the hands of the middle class, which might help rev up the world’s fifth-biggest economy, though it grew at its slowest pace in seven quarters between July and September,” the sources said.
During the meeting the finance minister also discussed major concerns that the country is facing, like high food inflation and slump in exports, which are also biting into demand for daily-used consumer items, ranging from soaps, shampoos and hair oils to cars and two-wheelers, particularly in urban and semi-urban areas.
The government has also been facing political heat from the middle class over high taxes, and as growth in wages is unable to catch up with the pace of inflation.
