When Union Finance Minister Nirmala Sitharaman presented the budget, income tax payers under the old tax system were disheartened as they did not get any benefits.
The internet is flooded with memes questioning whether this budget has any benefits for the middle class.
CA Umesh Sharma said, “In the old tax system, people used to get deductions, but not in the new one.
The trend now is for Indians to shift from saving to investing. From putting money in FDR, insurance premium, PF, they have shifted to share market, mutual fund, F&O etc. where deductions are not required.
They don’t save according to income tax deductions, they invest.
He said that this is the reason why people are switching from the old tax to the new tax system and the ultimate aim of the government is to reduce the complexity of the tax process.
However, Bavanjit Mane of FITE, Maharashtra has a different opinion.
There is a lot of pressure on people who invest in the market with their extra money.
It is true that everyone wants to save and grow their money, but they want to do it in different ways. Be it the new tax or the old tax, there will be a higher tax liability.
Compared to the new tax system, this budget does not provide any benefit to the old tax system. “We conducted an online poll in which around 200 salaried employees participated and nearly 95 per cent said they did not get anything from the budget.
We expected some benefits from the old taxation system as wellsaid Mane…
Old Tax Will be removed one day, So no change is expected in thatsays CA Ramesh Mahar.
In the development sector working 30 Old Daru Vikram, Old tax systemsubject to, ‘We are in the same place as before. Nothing good for the middle class, Not bad‘, said.
Sharma also said that the government has confidence in the new regime. Simplification of Income Tax Act, Changedproblem lessn Income taxK He said that the framework is being developed.
Mager said it helped a marginalized group more than a larger group.
“Rs. 7.5 lakhs Watch out for people who claim income, They are income Tax to pay No. But Salary 7.5 lakhs top 10 If even Rs, They have a total tax amount of Rs. 25,000 to be paid. But now Rs.25,000 Because of the increase in standard deduction, Rs.7.75 lakhs Those with income up to will get relief” said.
