In its last Union Budget due to be presented in about 3-weeks by the Union Finance Minister Arun Jaitley, as per a leading business channel report, the NDA led BJP government may consider providing some income tax benefits to the salaried and middle class. Less than a week ago, the Prime Minister in an interview said that there is a need to re-define the opinion concerning middle class in the country.
Some of the options under consideration by the finance ministry include increased concession on home loan interest, tax benefits for pensioners and increasing savings limit. Further as per the source cited in the report, salaried class will be provided relief as far as possible within the limitations of an interim budget. “In the last four budgets we have given relief to salaried class as they are the most honest taxpayers of the country. We will do as much as we can this time too within the limitations of the interim budget”, the report quoted the anonymous source as saying.
Also, the finance ministry in the last 4 years time has granted tax relief to middle class through a number of measures such as increasing income tax exemption limit by Rs. 50,000 and tax rate reduction that well translates into relaxation of more than Rs. 4 lakh per individual.
There is also indication that various items may be considered for basic customs duty rejig.
Modi in his attempt to come to power in Lok Sabha elections 2019 is doing all his bit such as the recent bill of 10% quota for upper class citizens who earn less than Rs. 8 lakh per annum, which got cabinet clearance yesterday.
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