New Delhi, Feb 1 Union Finance Minister Nirmala Sitharaman on Saturday presented the first full budget of the Modi government 3.0. The FM announced that there will be no income tax payable for income up to Rs 12 lakh, and Rs 12.75 lakh for salaried taxpayers (including standard deduction).
Responding to the Union Budget, scores of people from Mumbai lauded the proposal, especially the new tax rebates announced in the budget.
Amit Thakur Desai, a Mumbaikar who works as an accountant in the IMC Chamber of Commerce and Industry for the last 30 years said, “This is the best budget because higher tax exemption has been given this time. Tax savings will increase purchasing power. If purchasing power increases, money will be rolling, and if money will be rolling, it will benefit respective industries. ‘Sabka Vikas Hoga’. The tax saving will benefit the middle-class people most.”
Selvi who works in the IT field said, “We had never expected 12 lakh. I have been working for the last 26 years but have never seen this jump in tax exemption. It is a win-win situation for the country as well because if we have more money, we will spend more and the money as tax will reach the government. This is a big relief for the working class and a welcoming move.”
Amita Ghosalkar said, “This is an Aam Aadmi Budget. This is like a Sanjeevani for us, the salaried people. We had not expected this higher tax exemption. This is a welcoming change. Those people who are paying housing or other loans will also have some deposable income in their hands.”
Sia Wagne, a Mumbaiker said, “Middle-class people are very happy because nobody had expected this higher tax exemption limit. This is stress relieving.”
A local said, “I have never seen this jump in tax rebates. We had not expected this 12 lakh limit for tax exemption. It is like a sixer of MS Dhoni in the last ball. This is a popular budget, which has something for everyone.”
Rakesh Patel, a local, said, “This budget is very good as people with 12 lakh income will not have to pay tax now.”
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor