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    Points:5

    Latest Indian Budget- did it meet your expectations and how it will affect you

    Indian Finance Minister Smt.Nirmala Sitaraman had presented the Union Budget today in Parliament.

    As usual every one will have some expectations about it. Each one may hope and expect some favourable point in it for him/her /family. A large number of Income tax payers come from the salaried middle class, and most of them pay tax to the last paisa as per the rule book, they naturally expect some relief or benefit in the personal Income Tax.

    Similarly the business people. agriculturists and farmers, the traders, and every sector may expect some benefit and favour for them. Politicians also -as per their bias relating to party or state- also may have expected something .

    But did it met your expectations as an individual, tax payer, a family head ,student, businessman or any other status. What is your say on the latest budget? (personally it is a dampener for me. I shall dwell more in subsequent discussion)
  • #781224

    Points:2
    I feel that it is an overall satisfying budget and is giving relief to a good number of taxpayers especially in the middle class earning category. Some of these measures taken are going to make it as a popular budget.
    Thoughts exchanged is knowledge gained.

  • #781226

    Points:5
    In my first response, I would like to take up the issue of income tax. In the proposed budget, The Finance Minister has increased the Standard Deduction limit to Rs 75,000/-, allowing the salaried class to save up to Rs 17,500/- in taxes under the new regime. This change was widely anticipated, although many of us expected it to be Rs. 1 lakh.

    Additionally, Finance Minister Ms. Nirmala Sitharaman has proposed raising the long-term capital gains tax from 10% to 12.5% in the Budget for 2024-25. A comprehensive review of the Income Tax Act has also been announced, aiming to simplify taxation norms and potentially provide further relief to taxpayers, enhancing their disposable income.

    Finally, the tax slabs have been revised. The new slabs are:
    From 0 to 3 lakh ------------------ Nil
    From 3 to 7 lakh ------------------ 5%
    From 7 to 10 lakh ---------------- 10%
    From 10 to 12 lakh ------------ 15%
    From 12 to 15 lakh ----------- 20%
    More than 15 lakh ------------ 30%

    Frankly speaking, I didn't have any tax-related expectation from the Government. Now, I will get a very marginal benefit in the new financial year.

    So, I am marginally satisfied.

    I will write about other aspects of the budget later, after studying the proposal.
    (a) Those who have forgotten Noakhali, how can they protest Sandeshkhali?
    (b) Have no fear of perfection - you'll never reach it. ---------- Salvador Dali

  • #781228

    Points:2
    I am a senior citizen, and till now I was using he old system as I was getting some exemptions and also a 50,000'- benefit in the base level threshold. Now with this budget, there is no extra benefit given to senior citizen and they are forced to change to the new regime, by which they cannot use the benefit of savings and insurance premia.

  • #781230

    Points:2
    Standard Deduction has been raised to 75,000, which will surely benefit many middle class families. Under the new tax regime upto 3 lakh income is non-taxable now. Lower income group families will also get benefit from the budget. The only bad thing was the increase in LTCG and STCG that will dent people who are earning heavily from stock market.
    Thanks and regards.

  • #781234

    Points:5
    The income tax benefits mentioned in the budget are only for new regime followers. There are no benefits for people who submit their returns in the old regime. Is this standard deduction slab applicable to both systems?
    I am also not expecting any change in IT. But now there are some benefits given to middle-income groups and I am thankful to the government for this. I read many reports on the internet about this budget and many people are expressing their happiness on this budget. There is a chance the rate of Gold and platinum may come down as the GST on these items is reduced. It is happy news to ladies who are trying to buy Gold for making their jewellery.
    ' Comprehensive internship scheme for one crore youth in top companies over five years' may be a piece of good news for students and youth.
    drrao
    always confident

  • #781241

    Points:2
    Being a senior citizen retired from a PSU, I had some expectations from this budget announcement and I am happy to share that it is giving me more than my expectations.
    The new regime has become more attractive and most of the people will go for it.
    Knowledge is power.

  • #781244

    Points:4
    The newly announced scheme might be helpful to retired people whose income does not exceed Rs 7.5 Lakh and who opt for the new regime for filling up their taxes. Moreover, we are no more interested in acquiring a new accommodation and a new car by replacing the old one.
    The only expense is on our food items and being a health conscious always, both of us myself and my wife prefer to take our food prepared domestically.
    Hence hope that will remain under the manageable limit. We do have a medical Insurance policy issued by the MD India Ltd for our minor ailments which provides us with medical coverage up to 80%.
    Our children are settled in Bangalore and Pune and we are at least free from their maintenance.

  • #781250

    Points:5
    I was expecting some benefits by way of rate reduction or raising the ta threshold . But nothing happened for me ,a senior citizen who was following the old regime tax system.

    The trend and signals or motivation from the government is to discourage savings especially small savings and encourage spending and splashing.
    This will have serious repercussions in times of stagnation and recession. The people of our generation and even new generation had invested in housing by getting loans. This was helped by way of tax rebate and exemptions. Similarly life insurance , Tax savings were all encouraged. So by the incentivization through tax relief, savings was getting improved and this gave a cushion for people suddenly losing jobs or facing unexpected emergencies.
    India could withstand the earlier recessions and economic crash in the earlier decades only because of its traditional home and small savings habit. Now this is being discouraged and even penalized.

    I am not able to understand the logic of the government in discontinuing the indexation related to capital gains.
    It is going to be a dampener and even blow to the real estate market.

    On the whole what I am afraid is, the present budget and the trend of things may only help brokers and big corporate and monopoly business and may make people to go back to the days of black-money and parallel economy.

    On WhatsApp troll has put it rightly- This budget helps Rich by rebates, poor by subsidies whereas the middle class has to see TV and indulge in debates.
    It is now clear that this government cannot deliver more during its current tenure and is vulnerable to pressures and politics. Sigh,Sigh.


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