Union Budget 2018 Income Tax Reforms Might Rejoice The Middle-Class Payer!

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As the general elections are nearing day-by-day, the Narendra Modi government might bring some good news for the middle-class taxpayers in the forthcoming Union Budget on February 1, 2018.

According to sources:

In the coming Budget, the government might increase tax slabs and reduce the tax rate on insurance premium.

In the last year’s Budget, Arun Jaitley disappointed this section. There are also possibilities that the long-term capital gain tax may come back, according to the report.

Gains from shares sold after a year, known as LTCG, have been exempt from tax since 2005.

The government might also increase the income tax slab, which is at present 5% for Rs 2.5-5 lakh income bracket.

This class is eagerly looking for a booster package, as they suffered the most after the implementation of goods and services tax (GST) and note ban.

As the present government has been controversial on economic front of upliftment due to bold steps such as note bans and demonetization, the last economic budget in the present session is expected to bug some better news.

Also, reforms in GST are highly speculated as the market has now inflated and saturation points need to avoided to sustain a larger economic foreground.