Moneycontrol
Feb 29, 2016 09:18 AM IST | Source: IBNLive.com

Budget 2016: Jaitley reaches North block, to present Union Budget at 11 am

There could be some cheer as the Finance Minister may increase income tax slab from Rs 2.5 lakh to Rs 3 lakh.

Budget 2016: Jaitley reaches North block, to present Union Budget at 11 am

In a few hours from now, Finance Minister Arun Jaitley will present his third budget for the Narendra Modi government. Jaitley faces a tough task of balancing the needs of farm sector as well as the industry as he seeks to garner resources to boost public spending for higher growth amid global economic upheaval. Rising rural distress because of back-to-back droughts have put considerable pressure on the Finance Minister to spend more on social schemes

There could be some cheer as the Finance Minister may increase income tax slab from Rs 2.5 lakh to Rs 3 lakh.

To shore up revenues to meet the increased expenditure, the Finance Minister may need to increase indirect tax rates or introduce new taxes. Service Tax, raised to 14.5 percent in 2015, may see a hike to prepare for the level of 18 percent being envisaged in the GST.

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