Tomorrow i.e. February 1, Union Finance Minister Nirmala Sitharaman will present the country’s economic budget in Parliament. This budget is particularly an eye on the middle class. The public is eagerly waiting for what will come out of the Finance Minister’s portfolio. This budget includes concerns from taxes to tariffs. This time there is a possibility that the government will give relief to the public on tax and inflation issues.
Will there be relief in taxes and inflation?
Under the new system, the government can tax the annual income of up to Rs 10 lakh. Therefore, there may also be a proposal to bring income ranging from Rs 15 lakh to 20 lakh in the budget to a new slab of 25 percent instead of 30 percent. Apart from this, it can also be announced to increase the original exemption limit to Rs 5 lakh in the new system. This decision will encourage more to accept the new tax system. The government can also reduce the burden of inflation by considering the recommendation of CII. The government can also cut excise duty. Petrol and diesel prices are expected to decrease. The Finance Minister can also announce an increase in the amount of PM Kisan Samman Nidhi tomorrow. It has been recommended to increase the amount of PM Kisan Samman Nidha from Rs 6,000 to Rs 12,000. So far, 2-2 thousand rupees have been transferred to 9 crore farmers under this scheme. The government can also bring an integrated national employment policy on the basis of CII recommendations to increase employment. New routes of internships can also be opened in rural areas. Health budget may also increase. This will also give people cheap rates to buy houses. Also, special attention can be paid to reducing import duty on parts related to consumer electronics to make mobile phones cheaper.
