New delhi:
People group and shaadi.com founder anupam mittal praised the union budget’s provision to not tax salaryed individuals earning up to Rs 12.75 lakh, calling it a “systemic correction”.
The shark tank India investor said previous budgets Reduced Middle Class Professionals to a “punching bag”, where individuals were “taxed at everything, squeehezed for everything the util Pholes and Businesses Got Tax Breaks “.
In her union budget speech on Saturday, Finance Minister Nirmala Sitharaman said no income tax payable up to Rs 12 lakh, I, up to Rs 12.75 Lakh Including Standard Deductions – UNDER the new Regim MS Sitharaman said this will “substantically Reduce Tax Burden on Middle Class and Leave More Money in their hands”. It will also also boost household consumption, Savings, and Investment, She Said.
Echoing the union minister’s statement, mr mittal said history is witness that thriving middle classes, not over-burdened ones, Build Strong Economies. “You don’t build an economy by making people Feel Gareeb (POOR). You build it by making them wealthier,” He Wrote.
He CITED Examples of the Us’s Bet on Its Working Class after World War II Leading to a Boom in Manufacturing and Consumer Spending, and Higher Incomes and Rapid Economic Expany Resulting FROMCA s in the 2000s.
“For Years, We (India) Got It Backwards. Instead of Fueling Spending and Investment, We Kept Squeezing Our Most Productive Taxpayers-to Salaried Class. Post. He said that more disposable income would lead to Increased Consumption, which will create Eventily Spur Economic Growth.
In other tax-Related Announcements, MS Sitharaman also said tds, or tax deduction at source, rates will be rationalised, and the limit for tax deduction for Senior Citizens will be dubbed to RS 1 Lakh.
Further, She Also Proposed Doubling The Deadline to File Updated Returns to Four Years.