Indian Finance Minister Arun Jaitley presented the Union Budget 2017 on Wednesday, Feb. 1, 2017.

The budget was likely to be postponed by a day after Lok Sabha member and former Union Minister E Ahamed passed away today.

Earlier, Government sources have indicated that the budget will be carried out without any interruptions, the final call will be taken by Sumitra Mahajan.

Live updates:

Income Tax rate cut to 5 percent for those with income in the range of Rs 2.5 lakh to Rs 5 lakh.

Jaitley to present the budget at 11:00 am IST.

Finance Minister Arun Jaitley is already in parliament.

The budget will be on schedule.

For the first time in the history of Indian legislature, the railway budget has been merged with the Union budget, and it is getting presented one month in advance. This move from the Central Government has fetched negative reactions from the opposition parties, and they allege that this decision has been taken to offer sops before the upcoming elections in five states.

The budget has crucial significance in the Indian economy, as this is the first budget after the controversial note ban.

Finance Minister Arun Jaitley and his office have indicated that the budget which will be presented is tailor-made for the common man, and it will have all the necessary elements needed to uplift the Indian economy.

Income tax and corporate tax cuts are also expected from this budget.

Market optimistic

The Mumbai Stock Exchange has opened higher on Wednesday, expecting favorable announcements from Arun Jaitley. Will the government show the courage to continue fiscal consolidation?

This is the big question in the minds of financial experts, as the budget is just hours away.

Watch AAJ Tak TV live

Experts also predict changes in the tax structure. The income tax exemption limit for people above 60 is 2.5 lakh now, and it is expected to be hiked in this financial budget.

Experts also predict changes in the tax structure.

The income tax exemption limit for people above 60 is 2.5 lakh now, and it is expected to be hiked in this financial budget.

Before the Union budget proceedings, the Lok Sabha members are expected to pay homage to the deceased E Ahamed, a veteran member in the Indian Lok Sabha.

Under the UPA Government, E Ahamed has served as a Cabinet Minister for ten years. He is also the National President of Indian Union Muslim League.

Don't miss our page on Facebook!