This is going to be the last full-fledged budget of the Modi government. The middle-class is a massive votebank for the BJP. Against this backdrop it might be highly possible that the government tweaks the Income Tax rates a little.
It would not be surprised if the taxable amount is hiked to Rs 3 lakhs. Presently, no income tax is currently payable on amount of upto Rs 2.5 lakhs. It is possible that the limit may now be increased to Rs 3 lakhs per annum. However, with the fiscal deficit likely to soar it would be impossible to hope for anything beyond this.
There is another possibility and that is hiking the 80C limit to Rs 2 lakhs. This may happen as last year the government did not tinker with the 80C limits. It would be a surprise if the government does not tweak either of the two in a country that is slated for elections in the next 15 months or so. Some giveaways are likely and one will have to wait and watch.
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