The interim budget is expected to have “interesting features”, possibly including measures to tackle the farm crisis as well as tax benefits for the middle class, as it reaches out to key constituencies ahead of this summer’s general elections.
The nature of tax concessions that may be announced on Friday is not clear but sources indicated some of the sops may be available during the first few months of the 2019-20 fiscal with the government promising to extend them if voted back to office.
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The government was widely expected to tweak tax rates in the 2018 Budget but refrained from doing so due to the fiscal implications, though it has repeatedly stated its philosophy to leave money in the taxpayer’s pocket for higher consumption.