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Some income tax relief likely in upcoming budget

After rolling a series of populist measures on New Year’s Eve, the Narendra Modi government’s upcoming budget is likely to have more pro-people bonanza.

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.

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The minister brushed aside the criticism that the PM virtually announced the budget.

“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,” he said.

Read | What to expect from Union Budget 2017

Congress leader Jairam Ramesh hit out at the PM. “He didn’t speak on demonetisation. He didn’t tell when the situation will be normal,” Ramesh said.

Also read | Focus on poor, small businesses: 5 highlights of PM Modi’s New Year’s eve speech


Source: HindustanTimes