Budget 2019: Finance Minister Nirmala Sitharaman to present maiden Budget today at 11 am

Finance Minister Nirmala Sitharaman will present the first full-year budget of the new government today at 11 am. As Finance minister, this will be her maiden budget.

This is the time of the year when an individual taxpayer looks forward to taxing relief with the hope that he/ she will be left with more post-tax income in his/her hand.

Sources said that the Budget 2019-20 will take the sops announced in the Interim Budget further by raising the basic tax exemption limit for an individual income tax payee to Rs 3 lakh from Rs 2.50 lakh at present to cover for the inflationary impact over the years.

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In the Interim Budget, the government had proposed a rebate on all payable taxes if an individual`s taxable income is up to Rs 5 lakh per annum. But it kept the basic exemption levels unchanged.

It is widely expected that the Union Budget will have a slew of measures which will support growth both in the short-term and the long-term. It may be noted that economic expansion during last fiscal has slowed down to a five-year low of 6.8 per cent, with growth for the running fiscal (2019-20) pegged down substantially by the Reserve Bank of India.

Meanwhile, The pre-Budget Economic Survey 2018-19estimated the economy to grow at 7 per cent in 2019-20 and has called for shifting gears to realise an 8 per cent growth in the coming year which it cautioned will pose several challenges on the fiscal front.

The first survey of the new government and the first to be tabled in Parliament by Finance Minister Nirmala Sitharaman today said the 7 per cent growth for the current fiscal 2019-20 has been estimated on the back of an anticipated pickup in the growth of investment and acceleration in the growth of consumption.

(With inputs from ANI)