NEW DELHI: Finance Minister Piyush Goyal will present NDA government’s Interim Budget on Friday at 11 am.
The Interim Budget is the last financial exercise by Prime Minister Narendra Modi led Central government before the General Election.
If some relief in income tax exemption to the salaried and middle-class people is expected, there is a hope that the Central government may come out with some ‘concrete’ measures to compact the problem of unemployment.
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 10 lakh. An individual’s income above Rs 10 lakh is taxed at 30 per cent.
Distressed farmers are another area of serious concern, which the central government would like to take care of in the ‘Interim Budget’.
Universal basic income (UBI) is likely to find a place in the budget.
While addressing the all-party meeting on Thursday, PM Modi had said, the government’s focus lies on finding solutions to problems of people.
The current session of parliament will have 10 sitting spread over 14 days.
With inputs from ANI
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