It is being speculated that Budget 2017 will be taxpayer friendly. In an interview with CNBC TV18 on Thursday Rashesh Shah, Chairman and CEO, Edelweiss Group told the business news channel that individual tax rate may come down for the salaried and middle class in the upcoming Budget. Yesterday sources told the channel that Budget 2017 will be taxpayer friendly and it may focus on sectors like agriculture, MSME and housing. “It may also focus on welfare and skilling of the poor and may reflect Modi government’s effort to soothe cash crunch pain.” The Finance Ministry is also reviewing limit for tax rebate on home loans, the sources added.
Recently, economists and experts at NITI Aayog, discussed steps that could be taken in the upcoming Budget 2017. They discussed issues like job creation, agriculture and skill development. They also chalked out the roadmap for economic planning in India, to formulate India’s Vision. According to sources, 4-5 sectoral groups have been set up to discuss new initiatives and budget proposals.
After the meeting, speaking on budget-related issues, the NITI Aayog vice chairman said: “There was a discussion on how to bring down the tax rate.”
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Meanwhile, Shah also spoke on demonetisation and said, “I do not see demonetisation having an impact for a long time. I expect recovery to bounce back from April onwards.”