The acting Finance Minister, Piyush Goyal, would present the interim budget on February 1, 2019 and one of the most keenly awaited announcement would be about any changes in the individual income tax regime. Would the Modi government offer more relief to taxpayers before elections? Will the exemption limit be raised from Rs 2.5 lakh to Rs 3 lakh or even Rs 5 lakh? Will there be changes in rate of income tax across slabs?
Even as we await these announcements, we can study how the Indian government has taxed individual incomes since independence -- What the tax slabs have