New Delhi: Finance Minister Nirmala Sitharaman will present her first budget today at 11 am in Lok Sabha. She will present the budget as India’s first full-time woman finance minister.
The government could take a surprise call to increase tax exemption limit to Rs 3 lakh from the existing Rs 2.50 lakh. It could also increase income tax deduction under Section 80(C) of the Income Tax Act.
Meanwhile, Micro, Small and Medium Enterprises (MSMEs) are likely to be a top focus in the government’s budget for the year. Corporate tax for MSMEs could also see a drop as the government scrambles to boost economic growth.
The first-ever Union Budget of Independent India was presented by Sir R K Shanukham Chetty, the first Finance Minister, on 26 November 1947. Chetty’s expenditure outlook, earmarked a total of Rs 197.39 crore to be spent over the next year in the nascent secular nation, that grew on to become the world’s sixth largest economy.