NEW DELHI: Finance Minister Piyush Goyal will on Friday present the NDA government's last Budget. The Interim Budget, coming just a few months ahead of the Lok Sabha elections, will bring a lot of hopes and expectations from across different spectrums of the society.
The Interim Budget will be presented in the Lok Sabha by Finance Minister Goyal at 11 am on Friday.
The government may offer income tax relief for the salaried and middle-class people among other dole outs in the last financial exercise by Prime Minister Narendra Modi led Central government before the General Elections.
At present, there is an exemption from paying personal tax on an income up to Rs 2.5 lakh, while income between Rs 2.5 lakh and Rs 5 lakh attracts five per cent tax. A 20 per cent tax is levied on the income in the range of Rs 5 lakh to Rs 10 lakh. An individual’s income above Rs 10 lakh is taxed at 30 per cent.
Distressed farmers will be another area of serious concern, which the Central government would like to take care of in its Interim Budget. It, however, remains to be seen how the government moves on this front as most of the states have chosen to waive off farm loans.
Prime Minister Narendra Modi had said while addressing the all-party meeting on Thursday said that the government’s focus lies on finding solutions to problems of people. "The country expects from all of us to perform our duties as Parliamentarians in a positive manner and we must deliver to the expectations of the people," he said as the Interim Budget session began on Thursday with President Ram Nath Kovind’s address to both the Houses of Parliament in the Central Hall.