As it is with the outgoing government, Finance Minister will be tabling the vote on account and any significant announcement is unlikely to happen. However, as per the sources to a leading business channel , there is a likelihood that income tax exemption limit may be increased to Rs. 5 lakh as against Rs. 4 lakh. Herein remember this Rs. 4 lakh is Rs. 2.5 lakh for the income plus deductions allowed to a maximum of Rs. 1.5 lakh a year for investments towards different tax saving options.
Interim Budget 2019 May Increase Income Tax Exemption Limit To Rs. 5 Lakh
Also, there is unlikely to be any change in corporate tax rate, which form just 1% of the total taxpayer category.
There shall be no changes in the indirect tax front and further rationalization of custom duties.
And the Central Board of Indirect Taxes and Customs (CBIC) will continue to focus on revenue stabilisation.