Union Finance Minister Nirmala Sitharaman is going to present the country's budget at 1 pm today. Sources said, the Narendra Modi government in the budget is likely to give a big gift to the middle class and the income tax exemption limit is expected to be raised from Rs 2.5 lakh to Rs 3 lakh and from Rs 5 lakh to Rs 8 lakh on income of Rs 10. A tax slab of percentage can be created.
The tax exemption limit on investment can be raised from Rs 1.50 lakh to Rs 2 lakh. On the other hand, the tax exemption limit on homeloan interest can be increased from Rs 2 lakh to Rs 2.50 lakh. At the same time, farmers who repay loans to banks on time can also get a big gift from the government.
A special fund for the scheme to provide a pension of Rs 3000 to small and marginal farmers after the age of 60 is also likely to be announced. There are also hopes of special announcements for water conservation and irrigation. Make in India may be a boost in the electronic industry. In order to promote local manufacturing, import duty reduction may also be announced on the same lines as some hardware and production.