While forming the budget, Union Finance Minister Arun Jaitley has tried his best to keep the interests and needs of all classes in mind.
For people with income of Rs 4.5 lakh, tax would be zero if the limit of Rs 1.5 lakh under Section 80C for investment is used fully
As for the middle class, the bulwark of India’s economic growth, there is little to cheer in the tax proposals which Jaitley outlined his Budget proposals for 2017-18
No major change has been provided leaving the salaried class empty handed at the end of the Budget.
This means the overall tax rate will come down for those who have income up to Rs 5 lakhs.In fact even those who have income above Rs5 lakhs will benefit slightly.
Finance Minister Arun Jaitley on Wednesday placed before Parliament some revealing data indicating that India's direct tax collection is not commensurate with the income and consumption pattern of the economy.
Arun Jaitley would have won the hearts and minds of the middle class had he completely spared from income tax those whose income is not more than Rs 5 lakh
Here’s a quick glance as to how your money life will change starting 1 April 2017
The impact of demonetization on the economy will be long lasting if it’s not now bolstered with an Indian equivalent of quantitative easing similar to what the US and western economies did after the 2008 banking collapse
The medical expenditure limit needs to be revised to at least Rs 50,000 from Rs15, 000
The Housing Finance industry should be given infrastructure status.
To provide incentive to common man, there is an expectation that the basic exemption limit may be raised to Rs 3.75 lakh or Rs 4 lakh this year.
Tax experts and economists said Jaitley may hike the service tax (currently at 15 per cent) to align with the GST regime.
Budget 2017 is keenly awaited with expectations riding high from all quarters.
Tax payer hopes from Budget 2017 soar; with ball in Arun Jaitley's court, will he score a goal or self-goal?
The government should consider providing benefits to tax payers directly in many ways ; this will be an incentive for people to show their real income and will help widen tax base
Jaitley may in his February 1 Budget propose some changes in indirect tax rates on some products and services till such time that the GST takes over
India's overall taxpayer base in a nation of 125 crore (1.25 billion) people is only 48 million, or 4.8 crore -- or 3.8 percent of the population.
The slaried is paying higher fees and cross-subsidising Right To Education; the government should allow full waiver of tuition fees without any cap
Statistics reveal that around 80 percent of expenditure on health is through personal, out of pocket resources in India, which is an inefficient way of dealing with healthcare expenses.
While the revenue forgone through exemptions would be over Rs 35,000 crore, tax collections under IDS-2 could be around Rs 50,000 crore and cancelled liabilities from the RBI is expected to be around Rs 75,000 crore, said SBI's Chief Economic Advisor Soumya Kanti Ghosh