There is unlikely any major tax relief for the middle class, but most likely, some untapped sectors such as apparel, toys and footwear among others may get some tax sops for boosting employment generation.
The middle class and salaried class have High expectations from Nirmala Sitharaman. But there may not be any major changes as far as the salaried class is concerned.
The IT slabs will also remain the same as it is just an interim budget to run the government till the formation of the new cabinet. The main budget will be presented in July it is reported.
While the interim budget ensures smooth functioning during transition periods, it’s important to remember that it’s not a substitute for a full budget with its comprehensive vision and long-term economic direction,” the source added.
While chances of major changes in personal taxation remain low, some experts have called for some additional benefits under the old and new income tax regimes to provide some relief to taxpayers for the impact of high inflation.
This year’s budget comes at a crucial moment as the Indian economy steers through global economic challenges, aiming for self-reliance and an ‘Atmanirbhar’ economy.
The interim budget is expected to lay down the financial roadmap for the initial months of the fiscal year, ensuring continuity of government operations until the post-election formation of a new government.
