The new full-fledged budget to be presented by the Minister for Finance Nirmala Seetharam is expected to give more relief to the taxpayers for the coming 2019-20 it is reported. There was already some relief announced in the interim budget presented by Piyush Goel in place of Arun Jaitley.
The middle class is expected to be benefitted by the Minister for Finance. Nirmala will be presenting the first full-fledged budget of the second term of the Narendra Modi Government.
Many benefits were announced in the interim budget and now more is expected from the new Finance Minister. The Finance department has already received a large number of requests to this effect.
1. The Income Tax slab for individuals could be raised from Rs 2.5 lakh to Rs 3 lakh.
2. The EPF and PPF investments could be exempted from Tax in the end.
3. The Tax limit for the investments under the 80 C will also be raised.
4. Tax-free bonds will be introduced by the Government for the benefit of the middle class.
5. There will be an increase of limit on the long term capital gains.
6. The GST norms will be further simplified
7. Small and medium industrialists will get more tax exemptions
8. Senior citizens will get more tax exemptions
9. Health care might become more affordable and cheaper
10. Mudra loans will be made available to poor people.
