Will Finance Minister, Arun Jaitley, provide relief to individual tax-payers in the coming Union Budget? With the Budget to be the last full one of present government of Prime Minister Narendra Modi, there are hopes that it might include major reliefs for taxpayers with an eye on the general elections in 2019.
Rakesh Nangia, Managing Partner in an interaction with moneycontrol.com sharing his expectations From Budget 2018 .
Mr. Nangia feels that among other things, there are expectations that the government might slightly alter the tax-slabs and increase the investment cap for tax relief under Section 80C of the Income Tax Act.
Mr. Nangia listed out the following expectations from the Budget:
- Rejig in income tax slabs
- Increase in limit for investment in tax-saving schemes
- Increase in monetary limit for medical reimbursements, transport allowances