Interim budget: Income tax exemption expected
New Delhi: The interim budget or a Vote-on-account for the fiscal year 2019-20 will be presented by Finance Minister Piyush Goyal today at 11 am.
If some relief in income tax exemption to the salaried and middle-class people is expected, there is a hope that the Central government may come out with some 'concrete' measures to combat the problem of unemployment, which rose to 45-year high during 2017-18 as per the assessment of the National Sample Survey Office (NSSO).
At present, there is an exemption from paying personal tax on an income up to Rs 2.5 lakh, while income between Rs 2.5 lakh and Rs 5 lakh attracts five per cent tax. A 20 per cent tax is levied on the income in the range of Rs 5 lakh to Rs 10 lakh. An individual's income above Rs 10 lakh is taxed at 30 per cent.
Prime Minister Narendra Modi, while addressing the all-party meeting on Thursday, said the government's focus lies on finding solutions to problems of people.
"The country expects from all of us to perform our duties as Parliamentarians in a positive manner and we must deliver to the expectations of the people," he said as the Interim Budget session began on Thursday with President Ram Nath Kovind's address to both the Houses of Parliament in the Central Hall.
The current session of Parliament will have 10 sittings spread over 14 days.
(With ANI inputs)