Our Expectations on Budget 2018

January 29, 2018 moGossip

All eyes are on the budget session that is to take place on 1st February. While you gear up to analyze and see if there is something in it for you; we bring to you some tidbits before the budget is passed in the Parliament.

 If you are salaried employee, you either hit the bull’s eye or you could end up shelling more money to the Government. Would you like to know why? Read on.

The Farmer’s Protest made the Government fear   

   When the farmers took to the streets in the last months of 2017, the Government chose to ignore. The media too soaked in the ‘Padmavati’ controversy, ignoring to cover the protests. The Government has perhaps understood that it cannot trigger protests every now and then and hence might choose to take the bull by its horns.

 This is precisely why this budget is likely to cover a lot of reforms for farmers and the rural sector.

  All BJP is looking for at the moment is some decent numbers in the General Elections, winning over the masses and most of all rural votes. What better way to have it than roll-out some pleasant schemes.

Clock is ticking but your dreams might have to wait

  With eight states going into polls this year, the budget is the last savior for the ruling NDA. The trends in Gujarat were not exactly favoring the rulers.

 Congress made good numbers in Gujarat by getting the rural votes. In all probability, BJP will look to cap in the numbers from the interiors of the nation.

 How will they do this? This is where your tax comes into the picture. Here is what might happen with your taxes:

  1. To support the reforms and schemes, your tax limit could be reduced from the current 2.5 lakhs. You end up paying tax even if your income is less. The Government makes more money and the rural reforms are taken care of.

  2. The percentage of tax for each slab can be increased. Again, adding to your woes, you might pay more tax. As haunting as it may sound, it could happen.

  3. There could be a new tax slab, say in the range of 10 lakhs to 20 lakhs. If this is to happen, those with a lesser income might be spared. However, barring a few ministers in the past, not many of them have messed with the tax slabs. This is mostly unlikely.

  4. If the Gods are kind, the slab for minimum income could be raised from the current 2.5 lakhs to 5 lakhs, if not at least 3 lakhs.

   Dreaming of a new car or house? Well just wait for the budget. You may not want to end-up in soup.

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