Will Jaitley keep his campaign promise on tax sops?

When Finance Minister Arun Jaitley presents the Budget in a short while, there are high expectations from people on raising the Income Tax exemption limit.

Will he give a reason to cheer and keep up his election promise? 

In April, while campaigning for the general elections Finance Minister Arun Jaitley had demanded a raise in the Income Tax ceiling from Rs 2 lakh to Rs 5 lakh, which he claimed will benefit thirty million people.

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Inputs: PTI

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In April, advocating low tax structure, the BJP leader had said, “Direct Tax should be reduced. The Income-Tax limit has to be raised from Rs 2 lakh to Rs 5 lakh.”

Jaitley claimed that the Vajpayee government kept the rate of interest at 7 to 8 per cent which Congress-led UPA raised to 13-14 per cent. 

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“Due to this, Trade and Industry are running under loss and closing down, and production has become costly,” he said, adding, that is why country like China and Thailand are moving ahead of India. 

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Jaitley said, “The savings in the pockets of ordinary person by reducing ceiling on Income Tax will lead to increased purchase which in turn will lead to increased VAT and Excise Duty thereby increasing the Revenue”.