To minimise the impact of demonetisation on the common man and to revive sentiment of the economy, Abhishek Somany, Joint MD, Somany Ceramics Ltd expects FM Arun Jaitley to dole out tax reliefs to individuals and corporates in Budget 2017. He also hopes for sops for real estate and infrastructure projects. It is widely being anticipated that post demonetisation, Budget is likely to be taxpayer-friendly. The upcoming budget will slash down the income-tax and corporate tax rates to boost consumption and investment that has been severely hit due to demonetisation. A hike in tax-slabs from Rs 2.5 lakh to Rs 4 lakh for individuals, HUFs, etc., and from Rs 3 lakh to Rs 5 lakh for senior citizens is also being expected.
Narendra Modi government will be presenting Budget 2017 on February 1. Yesterday, Supreme Court dismissed the plea to change the Budget date from February 1. The Budget is special not only for the fact that it has been preponed but more importantly because it comes within months after Modi government’s massive demonestisation drive. Most analysts and economists expect Budget 2017 to be tax-payer friendly, especially given the pain that common man has faced after old Rs 500 and Rs 1000 notes ceased to be legal tender money.
Meanwhile, the Cabinet Committee on Parliamentary Affairs (CCPA) recommended holding of the Budget Session from January 31. The first part of the Budget Session will run till February 9. The 92-year-old practice of presenting a separate Rail Budget is going to end from this fiscal, with the Finance Ministry accepting Railway Minister Suresh Prabhu’s proposal to merge it with the General Budget.
Finance Minister Arun Jaitley has indicated that railway travel may become pricier for passengers come the next financial year.