Here are the key highlights of the Union Budgets from 1997 to 2017
Union Finance Minister Arun Jaitley is all set to presenton February 1. While Budget expectations and Budget wishlist have started coming from all quarters and sectors, what the finance minister will announce in his Budget speech is known only to a select few members of the Budget-making team of the finance ministry.
There is a view that Jaitley would deliver a populist Budget this time, given that it is the last full Budget of the Narendra Modi-led central government in its present term. However, this has been a fiscally difficult year for the government, and prudent economics would not allow him to give freebies.
There have been reports that Jaitley might even consider increasing the personal income tax exemption limit to benefit the middle class salaried people, who have been impacted lately by rising retail inflaion.
Business Standard takes a look at the past Budgets and the key highlights that took the centre stage and became a talking point.
The Finance Minister P Chidambaram, announced lower Income Tax rates of 10, 20 and 30 per cent as against the then 15, 30 and 40 per cent. The rate was 10 per cent in the first slab of Rs 40,000 to Rs 60,000, 20 per cent in the slab of Rs 60,000 to Rs 150,000 and 30 per cent for all incomes above Rs 150,000. Presenting the Second Budget of the United Front Government in the Lok Sabha today, the Finance Minister announced his intention to widen the tax net by amending the Income Tax Act. Under the new proposal residents of large metropolitan cities who satisfy certain economic criteria should voluntarily file the tax return as they would normally fall within the taxable slabs. P Chidambaram also introduced a new tax scheme for retailers having a total turnover of less than Rs 40 lakhs. The income will be estimated at 5 per cent of the total turnover. A Voluntary Disclosure Scheme to harness ‘black money’ for productive purposes was also announced. ()