The poll-bound Narendra Modi government is set to announce its interim budget on February 1. Expectations are running high as this is the Modi government's last budget before the general elections. While finance minister, will only be presenting a vote-on-account on February 1, the middle-class taxpayers are expecting the government will ease the tax burden by offering more deductions and exemptions.
CNBC-TV18 caught up with Kuldeep Kumar, partner, PwC; Homi Mistry, partner, Deloitte and Feroze Azeez, deputy CEO, Anand Rathi PVT Wealth, to understand the personal finance wish list for budget 2019 and what are the areas where investors can perhaps hope for some cheer.
Mistry said, "I feel that there is a good chance or possibility that the exemption limit for all taxpayers would go up."
"Currently up to Rs 250,000 you do not pay any tax. So there is an expectation that the amount may go up from Rs 250,000 to Rs 300,000," Mistry said.
Kumar said that the government may raise the exemption limit and the 80c deduction limit from Rs 150,000 to Rs 200,000.
Azeez said, "If you look at tax from a budget standpoint, there are two heads; one is on the income and the other is on investments. I think investments get lesser attention than income but the impact on your investment taxation will have a larger implication in the long run. So if there is some increase in the limit, like we were speaking, I do not think it is going to be small limit changes, it is going to be a large limit change which is going to be meaningful to make the headlines."