The only catch in :The Union Budget 2017-2018

The Union Budget 2017-18 turned out to be quite different from many of the previous ones.Many corporate entities, bankers and even the general public at large had hoped for a change in the Income Tax slabs

Present burden of taxation is on tax payer and salaried employees. Post-demonetization, there is an expectation of these people for their burden to be reduced.

Personal income tax rates are unlikely to be lowered because reduction in corporate taxes will lead to job creation and there may be no further room for lowering personal taxes

Expectation (from the Budget) is for the Government to reduce the personal income tax rates or enhance the tax slabs, probably as an incentive, given that Income Disclosure Scheme has resulted in additional revenue and the impact of demonetization may bring in more taxpayers.