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The upcoming Union Budget, to be presented on Sunday, February 1, has ignited significant anticipation for announcements that could reshape the financial landscape for ordinary citizens. Key areas expected to be addressed include income tax reforms, improvements to the railway network, enhanced support for farmers, and expansion of healthcare access.
Income Tax Relief on the Horizon
One of the most discussed possibilities is relief on the income tax front. The government is reportedly considering expanding the income tax exemption limit within the new tax regime. This could be achieved by increasing the standard deduction from the current Rs 75,000 to Rs 1 lakh. According to sources, implementing this change would effectively render annual income up to Rs 13 lakh tax-free for salaried individuals, a substantial increase from the current exemption threshold of Rs 12.75 lakh.
Railways Set for Major Investment
The railways sector is also anticipated to receive a substantial boost in the upcoming budget. Plans are reportedly underway to introduce over 300 new trains, specifically designed to alleviate the persistent issue of waiting lists for reserved tickets. An increase in railway allocations, mirroring previous budget trends, is also widely expected.
Support for Farmers to Increase
Farmers stand to benefit from potential revisions to the PM Kisan Samman Nidhi scheme. The government may increase the annual financial assistance provided under the scheme from the current Rs 6,000 to nearly Rs 9,000. This adjustment would respond to consistent calls for increased support since the scheme’s launch in 2019.
Ayushman Bharat Expansion to Cover More Seniors
Significant expansion is expected for the Ayushman Bharat scheme within the healthcare sector. The government is considering broadening the scheme’s coverage to include all senior citizens aged 60 and above, extending benefits beyond the current eligibility age of 70.
Here’s a link to a related discussion on Zee News: https://t.co/6Oh6xEOxLI
The Finance Minister, Nirmala Sitharaman, will unveil the full details of the budget on Sunday, setting the stage for a period of potential economic and social change.
