There is not too much by way of expectations in the Budget to be delivered on Feb 1, 2019. One is not sure whether there would be a set of full fledged recommendations this time round in the Budget, given the fact that it is an interim budget.
In the past, we have seen that interim budgets, do not really have much and hence expectations are low this time.
It is likely that we may see some tax relief for the middle class. Going by reports two things are likely: The first is that the tax slab maybe raised from Rs 2.5 lakhs to Rs 3 lakhs. This means that individuals who are having an income below Rs 3 lakhs, would have zero tax liability.
It is too much to expect the slab being raised to Rs 5 lakhs, according to some reports. At best one would assume that the tax slab maybe raised from the current levels of Rs 2.5 lakhs to Rs 3 lakhs, given the possibility of a fiscal strain. This may not result in too much of a tax relief.
Apart from this, there maybe a possibility that the Sec80C tax benefit be expanded to Rs 2 lakhs. If this would come true, it would definitely not be a surprise at all.
Apart from this, we do not see too many changes coming through, given that this is only an interim budget.