Finance Minister to present budget on 5 July
June 21, 2019
Nirmala Sitharaman is the current finance minister and will be presenting the next budget of the country on 5 July. She will become the first woman Finance Minister in Indian history to present a union budget.
Reports are pointing to some major changes that may be a part of the budget by the new finance minister.
As per reports, the budget may bring tax relief to salaried population in the country. As per some speculations, income tax exemption may be increased to â'¹3 lakh in the next budget. Currently the tax exemption limit is for an annual income of â'¹2.5 lakh. The increase in limit will mean that salaried people will be able to save at least â'¹2,500 more.
The tax exemption limit for savings and investments that are made under Section 80C which is currently at â'¹1.5 lakh, may also see an increase. Industrial and business sector is also expecting some changes to land reforms, export polices while the 'aam aadmi' wants more jobs, higher interest rates on savings and some regulation on the fee structure of private schools and higher educational institutions.
Only time will tell what the new budget holds for the people of India. Nirmala Sitharaman is to attend her first meeting of the GST Council today and will discuss some changes to single point refund system and the extension of anti-profiteering authority among other things.
The government had asked the people to share ideas and suggestions for the budget.
A tweet by MyGovIndia read, "Here's your chance to be a part of the Budget-making process. Share your ideas and suggestions for the Union Budget 2019-2020 with the @FinMinIndia here: https://www.mygov.in/group-issue/inviting-ideas-and-suggestions-union-budget-2019-2020/"