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Hopes of relief from interim budget - Jayanti Lal Bhandari

Delhi: The eyes of hundreds of crores of people in the country are engaged in the interim budget of the year 2019-20, which will be presented by the Modi government on February 1. This interim budget will be presented by Railway Minister Piyush Goyal, who is in charge of additional charge of the Finance Ministry. The Modi government will not only present the right to vote in the interim budget for three months, but also will give policy direction through the budget keeping in view the interest of the economy to address some of the economic-social challenges of the country. Government has given clear indications of relief for common man, farmers, small entrepreneurs, middle class and small income tax payers. Since the interim budget will be the last budget before the general elections, and therefore there are possibilities of being populist.Significantly, after the country's independence, the fourth interim budget will be presented by the Modi government on February one. Formerly in 2004, during the Vajpayee government, Jaswant Singh and Pranab Mukherjee in 2009 and P. Chidambaram presented the interim budget in 2014. When Jaswant Singh presented Antrim Budget in 2004, economic reforms on economy scenario were showing the economy's dynamism. In the interim budget, proposals for new concessions were kept in direct and indirect taxes. There were concerns about the impact of the global economic downturn that emerged in 2008 on the scenario of the economy in 2009. In the interim budget speech, the government's inadequacy has been underscored in meeting the fiscal goal. Then, when the interim budget was introduced in 2014, the economy was not well, the price of crude oil was rising in the global market and the fiscal deficit was in alarming situation. In such a situation where P. Chidambaram presented economic directions, he reduced the excise duty on several products, including capital goods, sustainable consumer products, cars, two-wheelers, commercial vehicles. New rates of excise duty for protection of many domestic products have also been announced. If we compare them, then we find that Pranab Mukherjee had kept a complete distance from the new tax proposals only once in the interim budget of 2009, whereas Jaswant Singh and Chidambaram had presented the taxation proposal loudly.In relation to the new interim budget, the Modi government says that the development rate of nearly 7.7 percent is not satisfactory. Target of 8 percent growth rate is important. For this it is necessary to present strategies in the interim budget. Of course, when the country's growth rate is at the highest growth rate in the current financial year 2018-19, according to the fiscal deficit target, the GDP is centered at 3.3 percent of GDP, the benefits of economic reforms also showed In such favorable economic environment, the Modi government will be seen making the budget beneficial for everyone while presenting its interim budget. At the same time, the government can take steps for income tax changes and social-economic welfare, including customs duty for the entire financial year.The new interim budget can be cultivated and benefited by the farmers. The government can bring such a plan, in which to reduce the financial burden of the farmers, instead of subsidy, the cash will be transferred directly into their accounts. The government can present a suitable scheme for linking all types of subsidy related to agriculture and agriculture, in which a system of about 70 thousand crore rupees will be required. The target of agriculture loan can be increased by 10 per cent to about Rs 12 lakh crore. In the year 2017-18, a loan of Rs 11.68 lakh crore was given to the farmers, while the target of that year was 10 lakh crore rupees. In the year 2016-17, loans of Rs 10.66 lakh crore were given instead of 9. Interest on agriculture loan is 9 per cent. The government gives 2 percent subsidy to ensure the loan at an effective rate of 7 percent per annum. 3% additional payment is given on time payments. Thus effective rate is 4 per cent. It is also possible to reduce the interim budget.In the interim budget the limit of income tax exemption can be extended appropriately. At present, the limit of personal income tax exemption is 2.5 lakhs and standard deduction of Rs. 40 thousand is ensured. The limit of income tax exemption limit can be doubled up to Rs 5 lakhs. Apart from this, relief can also be given under various slabs of income tax. The exemption limit for income tax exemption for senior citizens and women can be increased. Simultaneously, the limit of deduction under Section 80C can be increased to Rs. 2.50 lakhs to encourage savings. Apart from this, income tax exemption is also available on medical expenses and transport allowances. In the upcoming budget, the rate of corporate tax rate can be reduced to 25 percent on every type of small companies.It is notable that the people of the salaried class in the country are showing honest income tax, but people of industry and business and service sector are not paying a large number of taxes and earning new earnings but not giving income tax Income tax payers can also be added in large numbers. According to the report of the National Institute for Alpaid Economic Research, there are more than 17 crore people in the upper middle class in the country. A large number of people do not file income tax returns in these. Not only surprisingly, there are 2.6 lakh advocates out of about 1.3 million advocates, 4.2 lakh doctors from 8.6 lakh doctors, and one lakh out of 2.8 lakh chartered accountants are paying income tax returns. This shows that a large number of taxable people.