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Some income tax relief likely in upcoming budget

  • The Modi government’s upcoming budget is likely to have more pro-people approach. Information and broadcasting minister Venkaiah Naidu indicated on Sunday that more proposals are under consideration.

    “Without waiting further, the PM announced measures to help different sections of the society when money came in the banks. All other proposals in taxes, incentives and rebates will come in the budget,” he said.

    There have been intense speculations that the Centre might raise the income tax exemption threshold to at least Rs 3 lakh from the current limit of Rs 2.5 lakh.

    The minister brushed aside the criticism that the PM virtually announced the budget. He stated that the relief announced to various sections was not political sops. They were the entitlements of the concerned sections which were denied to them by the system which was under the command and control of those indulging in black money generation and rabid corruption.

    OUR TAKE

    The budget for the year 2017 needs to have a different and singular objective. Demonetisation has left people feeling low and tired. While it is affecting one kind of behavior change, towards cashless transactions, it is also encouraging the hoarding of cash and forcing people to defer expenditure. Consumer, business and investor-sentiment are all down. The budget needs to change all that. 


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