Budget 2019: Tax experts do not expect bold measures in the pre-election budget

Budget 2019 is widely expected to be in sync with the government's election agenda, with some rejig expected in personal income tax slabs and rates. Ketan Dalal, managing partner of Katalyst Advisors LLP and Sudhir Kapadia, National Tax Leader, EY shared their expectations from the Budget.

"One hasn’t seen any major announcements in the pre-election budget in the last 25 years. So, generally there are very limited announcements. Moreover, the new direct tax code (DTC) is also in the marking but the faith on that depends on which government comes to power and what transpires on variety of things,” Dalal told CNBC-TV18 on Tuesday.

With regards to the expectations of an increase in the income tax exemption limit, Kapadia said, "The government would not do anything that could erode the tax base. Moreover, it would be a U-turn of the policy objective. So, it is unlikely that this will happen but there could be some tweaks, some deductions like deduction on housing interest could be raised at least for the self-occupied properties."