Big expectations from Union Budget

The announcement of the union budget is coming up soon.

As many already know, the budget has been preponed this year to be announced on February 1.

Big changes and policies are being expected in this year’s budget.

Many experts even say that there could be some tax benefits in order to help people get over the problems from demonetization.

Here are some of the biggest and best expectations from experts regarding this year’s union budget.

Income tax slabs

Changes in the income tax slabs are one of most-awaited and expected one. Many experts think that there will upward revision in the income tax slabs.

The move would be helpful for many common taxpayers.

At present, the income tax limit is ₹2.5 lakh. It is expected that the government would increase this limit to ₹4 lakh.

Promoting digital transactions

At present, using card payments seems to be attracting some kind of extra charge one way or another. After the demonetization, going cashless became mandatory.

So, it is expected that this budget would promote digital transactions.

This can be anything from a discount on card payments to a waiver of merchant discount rates when using debit cards at POS machines.

Changes in real estate

The real estate sector is being expected to see many changes. Real Estate Regulatory Act (RERA) and demonetization have done some damage to the sector.

Experts are expecting some relaxations in the income tax rate, hike in HRA deduction limit etc.

Housing loan

Housing loans are expected to be promoted. Many expect there to be tax benefits on housing loan interest.

Relief for farmers

Farmers faced a lot of problems after the demonetization.

They could not find enough cash to buy what they need.

So it is expected that farmers would get some additional benefits in the budget as a compensation for that.

Cashless transactions are likely to increase in rural areas as well.

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