There were many hopes from The Union Budget 2019, given that 2019 is an election year. The middle class was hoping for tax rate cuts and there was talk of universal basic income being announced by the government. The small and medium sector braced for impact as all of this additional expenditure had to come from somewhere.
All sections seem to be in for a pleasant surprise, no corporate taxes have been raised, rebates for small taxpayers have been hiked, and small farmers will get direct support from the government which should help them grow and perhaps also boost agro stocks in the country.
A summary of the major tax measures in the budget is enclosed below for your reference.
We look forward to the full budget to be presented by the new government.