Budget 2019: Middle class can expect significant income tax benefits from Modi government – Financial Express

  • Press Release|
  • 633 Views
  • |
  • < 1 minute
  • By Taxmann
  • |
  • Last Updated on 28 October, 2020
By Srinivasan Anand.G – The author is Sr.Consultant, M/s Taxmann Publications Pvt Ltd. 
 
Budget 2019-20: The Middle-class comprised 11.7 % of the population in 1999. Its proportion in the population is now estimated at 40%. Some figures say middle class together with neo middle class form 49% of the total population.Therefore, any elected government can ignore the middle-class at its own peril. Elections will be held later this year in Maharashtra, Haryana and Jharkhand. Middle-class voters will play a crucial role in these states. It is unlikely that there will be a very huge increase in threshold exemption limit. Nor is there likely to be tinkering of tax slabs. These are likely to be taken care of in Direct Tax Code which is expected later this year. Although, it may not be a populist playing to the gallery budget, attempts will be made to remove anomalies in tax provisions affecting the middle class and there would be more savings linked tax incentives.
 
 

Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.

Comments are closed.

Everything on Tax and Corporate Laws of India

To subscribe to our weekly newsletter please log in/register on Taxmann.com

Author: Taxmann

Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.

The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:

  • The statutory material is obtained only from the authorized and reliable sources
  • All the latest developments in the judicial and legislative fields are covered
  • Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
  • Every content published by Taxmann is complete, accurate and lucid
  • All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
  • The golden rules of grammar, style and consistency are thoroughly followed
  • Font and size that's easy to read and remain consistent across all imprint and digital publications are applied