More exemptions and rebates: Direct tax sops likely in Budget

Feel-good measures may include revision in tax slabs and rates for individuals and corporates

To soften the “pain” of demonetisation, the central government might announce a number of direct tax sops for individuals as well as the corporate sector in the Union Budget for 2017-18, which is likely to be presented on February 1 — earlier than usual.  

The Budget might have revisions of the tax slabs, reductions in the corporate tax rate, and more tax exemptions or rebates in certain cases. While a clearer picture is emerging, nothing is likely to be finalised till mid-January. 

Policymakers have stated — publicly and off the record — that the Prime Minister’s Office and Union