Satish Acharya takes a dig at the tax rebate plan for people earning up to Rs 5 lakh a year as he takes aim at the Modi government for failing to create jobs.
Goyal told parliament that this tax concession will benefit three crore people across the country, and cost the government revenue of around Rs 18,500 crore. For the salaried class of under Rs 5 lakh and above Rs 2.5 lakh, the government has made a decision to give them tax rebate and not tax exemption as both phenomena are different and altogether effects differently to the pocket of middle man.
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Now, as per news website Alt News, "The interim finance budget does not propose any changes in tax slabs but expands the scope of tax rebate (Rs 12,500 from Rs 2,500) and standard deduction (Rs 50,000 from Rs 40,000)". However, anyone with net taxable income above Rs 5 lakh will not be able to avail this tax benefit and only get standard deduction benefit. But, those individuals who have earn between Rs 2.5 lakh and Rs 5 lakh used to pay a tax of 5%.
Presenting the Budget for 2019-20 in the Lok Sabha, Goyal also said that a welfare development board to frame special strategies for the benefit of the hard-to-reach de-notified, nomadic and semi-nomadic communities will be set up under the Ministry of Social Justice and Empowerment.
The government proposed to increase the TDS limit applicable to rental income by one-thirds to Rs 2.4 lakh, compared to the existing threshold. The government's total expenditure is estimated to increase 13.3% in 2019-20 from the revised estimates for the current year.
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On the other hand, is the burgeoning middle class taxpayers, who will be deeply relieved by what the interim budget had to offer them. The government has raised about Rs 35,500 from asset sales so far this fiscal year. "The slippage is more notable for FY20, to -3.4 per cent vs -3.1 per cent laid out in the roadmap, built on a 11.5 per cent nominal GDP growth projection", said Rao. "These communities are hard to reach, less visible, and therefore, frequently left out", said Mr. Goyal.
Despite high oil prices in 2018-19, petroleum subsidy has actually been reduced by ₹100 crore, tacitly signalling a large amount of the subsidy shifting to the next fiscal year.
Mathpal also explained that if the individual with Rs 6 lakh taxable income invests Rs 1 lakh in tax-saving instruments, then he will have to pay zero tax as he can claim the benefit of the new rule.
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