Asia Bizz: After all the excitement around the Railway Budget 2012, Indian Finance Minister Pranab Mukherjee is all set to present the Union Budget 2012-13 to the Parliament On March 16, 2012. Mukherjee is also under the pressure to trim the country’s fiscal deficit and to also cool down the economic growth during the crisis of the coalition government.

All the Indna tax payers are desperately looking forward to get some relief from the finance minister. The minister is expected to raise the income tax exemption limit to at least Rs 2 lakh in the budget proposals.

The upcoming budget is also expected to marginally raise the slabs in the other brackets of 10 percent, 20 percent and 30 percent. The Direct Taxes Code will be replacing the Income Tax 1961 and will only come in to force only in the year 2013-14.

Mukherjee is also expected to make a formal announcement of the DTC in his budget speech. A report has been submitted to the Lok Sabha Speaker by the Standing Committee of the Parliament regarding the DTC Bill. The committee had suggested the raise of the tax exemption limit to Rs 3 lakh, but it does not seem like Mukherjee will give in to it as he is more concerned about the fiscal deficit.The upcoming budget is expected to take new measures for the tax evasion.