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

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  • By Taxmann
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  • 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.

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