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- budget 2023 income tax slabs; Nirmala Sitharaman announcement benefits | Opinion
One hour ago
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This is the first budget in which the Modi government has thought of doing good to the lower middle class. However, the announcements made for exemption in income tax are also not going to be of much benefit. How? In the new announcements, the Finance Minister said that now in the new income tax system people with an annual income of seven lakhs will be tax free.
Now comparing it with the old system, there is no difference. Even in the old system, a salaried person with an annual income of seven lakhs with a nominal savings of 80C remains tax free. The salaried person does not even have to make much effort for this 80C savings. PF is deducted from salary itself and if one LIC is taken then the 80C quota of Rs 1.5 lakh per annum is fulfilled.
Overall, many reforms have also been announced in the new system so that it can be brought at par with the old system. In fact, only five lakh people adopted the new tax system last year. It was a complete flop. Many announcements have been made in this budget to infuse new life into it.
Now since there is no significant difference between the two systems, the inclination of people will increase towards the new system in which no savings are given priority. The government wants to promote a new chapter without exemption and without savings. The various tax exemptions that were given during the Congress era are being abolished.
The message is who has seen tomorrow? Don’t worry about tomorrow. Live today and only this moment to the fullest. This is the reality. Everything else is a trap. Surcharge has been reduced for those earning above five crores, but TCS on foreign trips has been increased from five to twenty percent. That is, if you want to go abroad, go after keeping the money with the government.
If we look at other sectors, nothing was given directly to the farmers. The real estate sector which was expected the most was also not touched. The highest hope in the Railways was that there would be freedom from the waiting list for reservation, but nothing was done in this regard. Earlier, when the railway budget used to be separate, many things used to happen, but now it is not felt that the attention of the Finance Minister has gone towards the railways as well.