All eyes - from those of the inflation-hit common man to the countrys stock markets which have been one of the worst performers globally this year, ranking second only to trouble-torn Egypt - will be on the Union finance minister, Mr Pranab Mukherjee, this morning in the hope of relief as he rises to present the Union Budget in Lok Sabha.

With food inflation in double digits in the last two years, Mr Mukherjee is expected to raise the income-tax exemption limit to Rs 2 lakh to leave some spare money in the pockets of the middle class. As of now, the exemption limit stands at Rs 1.6 lakh for men and Rs 1.9 lakh for women. The draft direct tax code, which is currently with Parliament, also envisages a uniform exemption limit of Rs 2 lakh per annum for both men and women.

Published Date : Monday, 28/2/2011 1:46 PM IST