New Delhi: Finance Minister Pranab Mukherjee will present the Union Budget 2012-13 in the Lok Sabha on Friday. He reached Parliament and will present the Budget at 11 am.
This will be the seventh time Mukherjee will be presenting budget in the Lok Sabha, the second highest number of time by any finance minister. Mukherjee had presented budgets for three consecutive years in early 1980s.
Tax payers will be looking forward to some relief from Finance Minister who is expected to raise the income tax exemption limit to at least Rs 2 lakh in his budget proposals.
The Minister may also marginally raise the slabs in other tax brackets of 10 percent, 20 percent and 30 percent. The Direct Taxes Code (DTC) Bill has also made a mention of it.
According to former finance minister and BJP leader Yashwant Sinha, "The finance minister should cut expenditure left and right. In eight years, this government has gone on increasing expenditure and shown no discipline."
The Standing Committee of Parliament that has scrutinised the DTC Bill has already submitted its report to the Lok Sabha Speaker.
Although the Committee had suggested raising the tax exemption limit to Rs 3 lakh, it is unlikely that Mukherjee will agree to it in view of the need to contain fiscal deficit.
With limited space for give away, the Budget is likely to balance populism with some tough measures to check tax evasion and generation of black money.