According to reports, the government is under a heavy onus of fiscal deficit. Apart from this, the growth rate has been steadily decreasing and investors have not yet invested as much as is anticipated.
Budget preparation has already begun and there are many challenges before the government, such as the slowdown in the growth rate of the economy. The public hopes that the government will revise the income tax rate, but according to the news of the Times of India, there is no chance for the income tax rate alteration in this budget.
Wider Fiscal Deficit Gap – Government’s Concern
According to reliable sources, the government is not at all planning for cutting down the Income tax rate. The government is aspiring to reduce the gap in fiscal deficit and so the possibility of income tax rate cut seems far-fetched. On the other hand, officials of different government ministries lay stress on higher income tax rates 
Hope Raised after Rate Cut in Corporate Tax
In September 2019, the Indian government announced a rate cut in corporate tax which curtailed the corporate tax to 15% for new companies 
Government’s Responsibility for Social Security on Higher Tax
According to the individuals who are in favour of income tax rate cut, in the other countries where higher income tax rates are prevailing, the government holds responsibility for providing social security.
Government hospitals and schools are in good condition and the expenditure on such items is very low. However, in India, not much has been done so far for social security by the government. In the US and UK, more than 90 per cent of students are studying in government schools and their expenditure on healthcare is just 10-15 per cent. All such facilities are given as a government facility for free. As far as India is concerned, it lacks far behind in such matters.
Tax Exemption on Income up to 5 Lakhs is Likely to Sustain
In the budget to be presented in February, the government may continue to get tax exemption on income up to 5 lakh. 
