Finance minister Arun Jaitley’s Budget, the last full one by this government, marks the culmination of months of work, during which officials crunched numbers to make sure they all added up. Will the Budget manage to tread a fine line between the path of fiscal prudence and the usual free-spending expectations ahead of an election year? Here’s what you need to watch out for as the FM presents Budget 20181] Fiscal deficitHigher fiscal deficit would hint at pre-election spending spree 62730900 2] Income taxWill there be tax cuts? 62730908 3] Long-term capital gains on sharesWhile there’s a case for having the same tax regime for all assets, a change will rattle D St 62730914 4] Corporate taxIn 2015, govt pledged to cut corporate tax rate to 25% in 4 years, but progress has been slow 62730920 5] Reducing stress in farm sector* Bigger allocation for food subsidy to widen MSP-based intervention* New scheme to pay difference between MSP and market price to farmers* Nationwide loan waiver for farmers* Bigger allocation for farm sector to improve infrastructure6]DisinvestmentBig-bang asset sales will provide more resources without impacting fiscal deficit 62730932 7] Universal basic incomeBiggest idea to eradicate poverty mooted in Eco Survey last year8] SubsidiesBigger subsidies would suggest a populist push 62730938 9]More taxes to raise revenues* Tax on dividends for everyone. Currently only those with dividend income over Rs 10 lakh are taxed* Higher surcharge on those earning over Rs 50 lakh* Tax on inheritance* Increased holding period for short-term capital gains to 36 mths from 12 mths now* Higher securities transaction tax10] Duty on petrol and dieselWill excise duties be cut to lower prices? 62730952 11] Capital spending and revenue deficitHigher revenue deficit and low capital spending would indicate a pre-election rise in scheme spending 62730971