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Budget 2019: Income tax exemption to relief for farmers and MSMEs, 5 top sops Modi govt may give

Jan 31, 2019, 14:28 PM IST
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With general elections merely a few weeks away, the middle class and farmers are expecting some relief in the Budget 2019-20.

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Individual taxpayers are hoping for the tax exemption limit to be increased. The government had last changed the income tax slabs in the Budget 2014-15 when the exemption limit was increased from Rs 2 lakh to Rs 2.5 lakh. "While the government is not supposed to change the income tax as it becomes binding on the next government, it can do so if it wants," said former chief statistician Pronab Sen. Image source: Pixabay

 

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There are talks that the government may come out with investment support scheme for farmers along the lines of Telangana's Rythu Bandhu and Odisha government's Kaliya scheme to ease agrarian distress. Image source: IANS

 

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As far as struggling micro, small and medium enterprises (MSMEs) are concerned, the sector is hoping for some tax concessions, too from the upcoming interim budget. Image source: Reuters

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On the indirect tax side, there are expectations that the government may tinker with customs duties, sources said. Image source: Reuters

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While Union minister Arun Jaitley, who was earlier in-charge of finance and corporate affairs, had promised to reduce corporate tax rates to 25% over four years until 2019, the government is unlikely to do it in the interim Budget until all the deductions and tax holidays are completely phased out. Industry lobbies, however, have sought to bring down corporate tax rate to 25% for everyone. The rate of corporate tax was reduced to 25% from 30% for companies with a turnover of up to Rs 250 crore by Jaitley in the last Budget. Image source: Reuters

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