LIVE: Nirmala Sitharaman arrives at the Finance Ministry, will present the budget at 11 am; Expect relief in income tax

New Delhi: The first general budget of this decade is going to be presented today. Finance Minister Nirmala Sitharaman will deliver the budget speech in the Lok Sabha at 11 am. She will be the first woman Finance Minister to present the budget for the second consecutive time. Before that, Indira Gandhi once presented the budget in February 1970. In her budget speech, 60-year-old Nirmala can announce changes in the income tax slab. According to the pre-budget survey by tax consultancy firm KPMG, 82% of the 219 companies in 18 sectors feel that deduction limit of Rs 1.5 lakh can be increased under 80C. The National Logistics Policy may also be announced in the budget.

Income Tax Current Rate: Taxable income up to Rs 5 lakh is tax free as per the announcement of the interim budget last year. This rebate is available through rebate, but the tax slab is starting from Rs 2.5 lakh only.
Demand: Income tax exemption limit should be increased from the current Rs 2.5 lakh to Rs 5 lakh. That is, such income should be completely out of the income tax. They do not even have to fill returns. After this, there is also a demand to reduce the tax on income from 5 lakh to 10 lakh rupees from 20% to 10%. If this happens, the taxable income of up to 10 lakh will save Rs 46,800 annually.