Finance Minister Nirmala Sitharaman declared road initiatives worth Rs 25,000 crore in West Bengal ahead of state elections, while speaking out the Union budget for 2021-22 via a 'Made in India' tab. In the meantime, taxpayers have been looking at the income tax incentives they expect Sitharaman will declare as, in more than a year, Covid-19 has melted financial wealth of 'aam aadmi.' Experts claim, though, that because the fiscal year itself was adopted under a new tax regime, the budget does not carry any reform this year.
Individuals have been expecting tax benefits to raise savings and rejuvenate appetite for household usage. Higher exemptions on housing loans are also possible, along with the adoption of a COVID Cess, which is supposed to be imposed against high-income citizens. It is also predicted that the Narendra Modi government's ninth budget, including a provisional one, will concentrate on improving job creation investment, placing more funds in the pocket of the ordinary taxpayer and relaxing regulations to encourage international investors.