The recent interim budget, presented just months before the crucial Lok Sabha elections, surprised no one by leaving the tax slabs untouched. This adherence to tradition reflects the delicate balance between providing relief and avoiding pre-election populism.
Why No Changes?
Several factors contribute to this trend:
Looking Back:
Past interim budgets illustrate this pattern:
Expectations and Reality:
While some anticipated an increase in the standard deduction under the new tax regime, the budget focused on targeted relief for specific segments like senior citizens and disputed tax demands.
The Road Ahead:
The full-fledged budget expected after the elections will likely hold the key to any major tax reforms. With a clearer electoral mandate, the government may have more leeway to introduce structural changes to the tax system.
In Conclusion:
The interim budget's decision to maintain the status quo on tax slabs aligns with established practices. While it may not offer immediate relief to all taxpayers, it underscores the cautious approach taken during election periods. The true picture of tax reforms might emerge only in the post-election budget, once the electoral dust settles.
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