Finance Minister Nirmala Sitharaman is going to present Budget 2021 on 1 February. This year’s budget is going to be a bit different as its being made keeping in mind the COVID-19 pandemic situation. In 2020, the Indian economy suffered a massive plunge due to the pandemic so this year people, especially middle-class, are binding heavy expectations from the upcoming budget especially the middle class.
The middle class hopes that Budget 2021 will offer some relaxations and benefits on the taxpayers to revive the economy and boost the growth. As per a report in DNA, it is said that Centre may increase the basic the tax exemption limit for an individual income tax payee to Rs 5 lakh from Rs 2.50 lakh at present. Also middle class are hoping that through this budget Centre might introduce some schemes in the wake of unemployment. As many Indians lost their jobs due to the pandemic.
Sources said that the Budget 2020-21 may take the sops announced earlier under the Atmanirbhar Bharat package to help people in their fight against the Covid-19 pandemic further, by raising the basic tax exemption limit for an individual income tax payee to Rs 5 lakh from Rs 2.50 lakh at present to enhance net disposable income in their hands.
“Send me your inputs so that we can see a Budget which is a Budget like never before, in a way. 100 years of India wouldn’t have seen a Budget being made post-pandemic like this. And that is not going to be possible unless I get your inputs and wish list, clear observation of what has put you through the challenge… Without that, it is impossible for me to draft something which is going to be that Budget like never before, a Budget which is being made after a pandemic,” Sitharaman had said while addressing the CII Partnership Summit 2020.
What middle class can expect in the upcoming budget?
