New Delhi:
People Group and the founder of Shaadi.com, Anupam Mittal, praised the provision of the Budget of the Union for not taxes for salaried persons who win up to RS 12.75 Lakh, qualifying it as “systemic correction.”
Shark Tank India investor said the previous budgets reduced middle class professionals to a “boxing sack”, where people were “taxed at each step, squeezed by each rupee, while the ultra rich found lagoons and companies obtained tax exemptions. “
In her speech on the Budget of the Union on Saturday, the Minister of Finance, Nirmala Sitharaman, said that no income tax payable until RS 12 Lakh, that is, until RS 12.75 Lakh, including standard deductions, under the new regime . Mrs. Sitharaman said this “will substantially reduce the tax burden in the middle class and leave more money in their hands.” The consumption of households, savings and investment will also increase, he said.
Echoing the statement of the Minister of the Union, Mittal said that the story is witnessing that the prosperous average classes, not over overloaded, build strong economies. “Do not build an economy causing people to feel Gareb (poor). You build it making them richer,” he wrote.
He cited examples of the commitment of the United States in his working class after World War II that led to a boom in the manufacture and spending of consumers, and the highest income and the rapid economic expansion resulting from China’s approach in The middle class in the 2000s.
“For years, we (India) get it backwards. Instead of feeding expense and investment, we continue to tighten our most productive taxpayers, the salaried class. This budget changes that,” Mittal wrote in a LinkedIn post. He said that more available income would lead to greater consumption, which will eventually stimulate economic growth.
In other tax -related ads, Mrs. Sitharaman also said that the TD, or the deduction of taxes to the source, the fees will rationalize and the limit for the deduction of taxes for the elderly will double to RS 1 LAKH.
In addition, he also proposed to double the deadline to present updated returns to four years.
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