Author: Prabhakar K S

On July 23, Nirmala Sitharaman will make history by presenting her seventh consecutive budget as the Union Finance Minister. This surpasses Morarji Desai’s record and marks a pivotal moment as the first major policy document of the new government. The budget is expected to revive India’s goal of becoming the third-largest economy by 2027 and a developed economy by 2047, with a focus on impactful changes to personal income tax. Income Tax Reforms: The current income tax slabs and rates have remained unchanged, causing dissatisfaction among the middle class. A complete overhaul is needed to reduce the burden and align…