Budget 2018: To be strict, the common man hopes to get this benefit on the last full budget of the Modi government.

Budget 2018: To be strict, the common man hopes to get this benefit on the last full budget of the Modi government.

 There are few days left to present the budget 2018-2019. What will the common man get in this budget and what will happen if he is going to get rid of his hand, there is a continuation of speculation and projections on this. However, economic experts estimate that in the forthcoming budget, the limit of tax-free income can be increased from 2.5 to 3 lakh rupees. Some analysts believe that the government can start standard deduction again to give some relief to the wages. He believes that in the budget, there will be an emphasis on investing in agriculture and increasing expenditure on large infrastructure projects.

Finance Minister Arun Jaitley will present the general budget on February 1. This is the fifth and final full budget of the current term of the Modi government. Prime Minister Narendra Modi has indicated that the upcoming budget will not be populist and the government will continue to advance on the path of reforms. In this regard, the challenge of maintaining fiscal discipline before the government will be the challenge. According to experts, keeping the fiscal deficit down to 3.2 percent of the GDP during the current financial year is a big challenge for the government. According to the medium-term plan, it will be a big challenge for the finance minister to bring it down to 3 percent in the next financial year.

According to Nihal Kothari, tax expert of industry organization Assocham, the finance minister can make some changes in the income tax slab. Income up to three lakh rupees can be completely tax free. However, even in the current system, income up to three lakh rupees is tax free, but this arrangement can be confirmed by making changes in the budget slab. At present, the annual income of up to 2.5 lakh rupees is tax free, while the income of between two and a half to five lakh rupees is taxed at five percent. Apart from this, an additional rebate of Rs 2,500 has been given in this category, which does not attract any tax on income of up to Rs 3 lakhs. Probably the finance minister can make this slab three to five lakh rupees. After this, tax on income of five to ten lakh rupees will be taxed at 20 percent and the income of more than ten lakh rupees will be 30 percent rate.

Income tax expert and chartered accountant RK Gaur said, One suggestion is that income up to Rs. 5 lakhs will be tax-free. But there is a possibility that in the current limit of income exemption from income tax can be increased to Rs. 50 thousand rupees. Gaur said, "It may also happen that the finance minister can bring standard deduction (standard deduction) to please the salaried class in this budget. It can be up to Rs 50 thousand.

Standard deduction had been abolished since the assessment year 2006-07. Prior to that, salaried taxpayers with annual income up to five lakh were getting the benefit of standard deduction up to Rs 30,000, for which they did not have to pay any investment or expenditure. In his previous budget, the Finance Minister had said that if tax exemption is up to Rs 1.5 lakh on various types of investments under section 80C of income tax, then there is no tax liability on annual income of Rs 4.5 lakh. is. Apart from this, there is a provision of tax rebate on interest of up to two lakh rupees given on Homlon.