What people are expecting from Indian Budget 2019 – Minister of Finance and Minister of Corporate Affairs, Nirmala Sitharaman is expected to present the union budget on 5 July. Middle-class people are expecting much from PM Narendra Modi’s government.
Here’s what people are expecting from Indian budget 2019:
Government to increase income tax exemption limit to from Rs2 lakh to Rs3 lakh:
People are looking forward to an increase in the income tax exemption limit. The government is planning to increase personal income tax exemption from Rs2.5 lakh to Rs3 lakh in upcoming Union Budget 2019. Earlier it was reported that the government will consider raising income tax deductions under certain sections of the Income Tax Act but now it seems that the government could increase the personal income tax limit to provide more tax relief to people.
Expect higher Section 80C deduction limit in Budget
People would very much want to have an increase in the 80C deduction limit. Some taxpayers also believe that because the interim Budget was presented by the same government, there may not be any changes in here.
Home buyers’ want ₹10,000 crore stress fund
The home buyers’ body wants that home buyers should be categorized as primary secured creditors and a stress fund of Rs.10,000 crores is created. This stress fund should be used to complete stalled real estate projects.
More in Indian budget 2019
Ficci expects to increase FDI cap in insurance to 74%
To increase FDI flows in the insurance sector, the clause pertaining to Indian management and control needs to be relooked.
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Corporate tax down to 18% sans exemptions: CII
CII says 18% of corporate tax with zero exemptions could be revenue neutral. The government should take steps to encourage investment and growth, which slowed to a five-year low of 6.8% in 2018-19.
Budget to lift PMUY 100% household LPG coverage
FM will complete the targeted 80 million connections under the Pradhan Mantri Ujjwala Yojana (PMUY) soon. Another 10-20 million new LPG connections could also be given to more poor households.
Finance ministry consider 3-5% tax in Budget on cash withdrawal of 10 lakh a year
The central government is expecting to introduce a tax of 3-5 percent on cash withdrawal of more than Rs.10 lakh per year. The government is considering that this move will reduce large cash transactions.
Large companies will get no corporate tax relief
The corporates are looking to get some tax relief.
Apart from the above, RBI’s faith in government on fiscal judgment to be tested in the upcoming Union budget. There is very little navigation space available to the government to manage capital expenditure and the demands of the rural sector, which is in distress.