Budget 2019 speech date, time, major expectations: All you need to know

Budget 2019 date, time, major expectations: Modi government is set to announce its last budget ahead of this year's Lok Sabha elections. The budget will be presented by interim Finance Minister Piyush Goyal Arun Jaitley is on medical leave in the United States. The government is expected to bring cheers for middle-class as it is likely to woo voters before major elections. Job holders, industrialists, MSMEs, startup runners, farmers, small businessmen etc are seeking relief on various taxes, change in income tax slabs, exemption limits, investment policies, credit norms etc.   

Budget 2019 date:-

This year's interim budget will be held on February 1, just like previous years. As always, the rail budget will also be presented along with the union budget. In September 2016, the government eradicated the convention of presenting rail budget with general budget. However, till the year 2016, the railway budget was announced earlier to Union budget. 

Budget 2019 time:- 

The budget speech will start at around 11.00 AM on February 1 in the parliament.

Budget 2019 major expectations:-

1. Relief to farmers: The budget is expected to ease pressure on farmers. FM Arun Jaitley had said earlier that the agricultural reliefs are the topmost priority of this budget. Mounting loans on farmers, agricultural trade transparency and pricing policy of agro-based goods are the major challenges for the current government. 

2. Change in income tax slab: Experts are also seeking a change to current income tax slabs. At present 5% income tax is levied on the income above Rs 2.5 lakh p.a. While 20 per cent for over Rs 5 lakh income holders and 30 per cent for above Rs 10 lakh income makers. 

3. Increase in exemption limit: The exemption limit under section 80 C of Income Tax Act is Rs 1.5 lakh. Taxpayers can file a tax deduction of up to Rs 1.5 lakh p.a under various schemes, given in the section. However, the experts are demanding an increase in exemption limit to boost investments in the country.

4. Ease in home loans: Modi government has been working on its initiative of affordable housing, but home loans are the basic necessity to provide each family with an affordable home. At present, the interest up to Rs 2 lakh is eligible for a tax deduction on a home loan under section 24, to which home buyers are expecting to get increased.