Though the Prime Minister Narendra Modi came to power with numerous promises and plans to develop the nation, most of them are still in draft stages, while one of them has always been a topic of discussion. Ever since Modi came to power, BJP cadre had insisted on abolishing the income taxes paid by workers earning monthly wages.
While the 2018-19 Union Budget is all set to be announced on February 1, this income tax abolishing topic has once again gained heat, this has always been insisted by BJP Senior member Subramanian Swamy, Anil Bogil , and many other political leaders. Economist Surjith Bala has demanded a new tax in place of the existing income tax structure.
While it must be noted that Anil
Bogil was the one behind elimination of 500 and 1000 rupee notes, it is now
expected that Modi lead government will follow his advice in this aspect as
well, and Finance minister Arun Jaitley has also revealed that modifications
might be coming, after a 5 month analysis. While this will help monthly wage
earners to steady their economic status, it is also expected to bring
profitability for banks besides job opportunities.