The finance minister Arun Jaitley during the course of his budget speech today remarked: “After taking into account the tax concession given to middle class tax payers in my last Budget and this Budget, today an individual tax payer will get tax benefit of Rs 4,44,200.”
The budget fails to address the urgent requirements in the healthcare sector
Despite no apparent mention of income tax incentive for the common man, finance minister Arun Jaitley provided certain reliefs in Budget, that will allow the aam aadmi to save more.
The attractive pre-election campaign on minimum government does not get reflected in the budget.
The reaction to the Budget among the middle class was mixed with some calling it ‘forward looking’ which ‘will help the economy in the long run’. The dominant mood, however, was one of dismay.
Finance Minister Arun Jaitley did not really bring in acche din for the salaried class as the income tax slabs remain unchanged but it did offer some respite by doubling monthly transport allowance ( which is tax free) to Rs 1600 as well as offering deductions under section 80 (D)
Around 3% of Indians pay income tax. If more corporates are likely to pay more tax at lower rates, can't the same assumption be made for individual tax payers as well? Further, like the corporates income tax laws, can't the personal income tax laws simplified as well?
The finance minister wants you to save more for your twilight years; pension funds and health insurance firms are the biggest beneficiaries.
The Finance Minister has explained why he has gone back on his promise of raising income tax exemptions for the salaried class.
Finance Minister Arun Jaitley today presented the Union budget for FY16 in the backdrop of easing inflation and interest rates but continued growth challenges which the government needs to address. Jaitley is under pressure to unveil reforms that will put the country’s economy on a path of 7-8 percent growth over the next two years.
The Budget will take the Modi government one step higher if not 10 steps. Thanks to PM Modi, Arun Jaitley will present a budget which will attract investors from across the globe to India. Jaitley will focus on Below the Poverty Line people, widows, orphans and those who want to grow with the funds the government will provide under various schemes.
For the finance minister to balance fiscal consolidation and boosting growth, the government will have to initiate far reaching changes on the taxation front including ensuring a non-adversarial tax regime, steps towards GST and benefits on personal tax.
The entrepreneur was also in support for making housing and education loans more customer-friendly.
The retired military man expects the government to come up with smart colony concept where money should be granted to colonies to meet their demands.
The qualifying fixed deposit tenure can be reduced from five years to three years.
Eager to win over the middle class after the Delhi poll debacle, Finance Minister Arun Jaitley on February 28 is expected to present an aam aadmi friendly Budget by either raising tax slabs or hiking investment limit in savings instruments.
His views come amidst some voices seeking an inheritance tax in the forthcoming Budget
In the last Budget, the government had increased the slab by Rs 50,000 from the existing Rs 1 lakh bringing cheers to many but still it isn't sufficient.
There’s a pressing need to plug the huge infrastructure gap the country faces and it is infrastructure which is going to give the growth engine a big shove.