Taxpayers May See an Increase in Exemption Limit if not I-T Reduction

The overwhelming electoral mandate with which the National Democratic Alliance led by the Bharatiya Janata Party has returned to run the country for the next five years is a strong validation of the various transformational initiatives that were launched during its first term. The Finance Minister is in a position of strength to roll out a “tough” policy-centric budget and build further on to bring to reality the vision to make India a $5 trillion economy by 2025, and a $10 trillion economy by 2032.

In cricketing speak, the opening spell of NDA 2014-19 was the time when the government batted sensibly, focussing on the need to improve the lot of Indians — promising social security for all Indians, bank accounts for the poorest of the poor to plug leakages in transfer of benefits meant to reach them, health care for all, housing for all, insurance for all, support for small and marginal farmers, clean India, digital India, Make in India, and a multitude of other schemes. Some daring shots were also hit — demonetisation, getting Goods and Services Tax across the boundary, enactment of laws such as The Black Money Act, 2015; The Insolvency and Bankruptcy Code Act, 2016; The Benami Transactions (Prohibition) Amendment Act, 2016; The Aadhaar Act, 2016; The Fugitive Economic Offenders Act 2018; setting up the process to bring in tax reforms, and labour law reforms for the organised and unorganised work force.

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It would be fair to say that the FM has the advantage of a good solid innings. Now is the time for her to accelerate the run rate and aim for a match-winning score.

Source: Business Standard

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