No tax change is also a relief, says middle class
By Shobhit Gupta
Every year when theUnion Budget approaches, Income Tax slabs become a buzz word amongst the middleclass taxpayers. They all expected some relief to be given to them. However, this Budget, Finance Minister Nirmala Sitharaman did not oblige. There was no change in the Budget 2021 on tax rates except for relief for senior citizens above 75 years from filing their income tax returns. The banks will automatically deduct the necessary tax on their income.
We sought some reactions fromBennett University students and other citizens.
Soham Budhori, B. Tech 2nd year student at Bennett, says, “The pandemic hit themiddle class the most. This budget was focusedsed more on driving economic recovery. No major tax changes, contrary is a big relief to the middle class.”
“For me, filing an ITR was a hectic exercise. Being a 78-year-old and unhealthy person, it was very tough for me to go through several documents. But with the proposal of exempting senior citizens from filing ITR, it’s a big relief to me”, says Hari Shankar Gigras, a resident of Bulandshahr, Uttar Pradesh.
The Finance Minister also proposed to increase the limit for Tax Audit to ₹ 10 crore for the companies doing most of their business through digital modes. Janmejai Singh, BJMC 2nd year student at Bennett University says, “This decision is a big step in promoting the Digital India initiative. This would enable the firms to progress further and contribute to Digital India revolution.”
Ashima Chaudhary, BJMC 2nd year student at Bennett University expressed her thoughts on ease in compliance of tax cases. She says, “This is a step in the right direction. Being from a business family, I know the hardships faced earlier. This proposal intents to reduce the legalities and uncertainty for taxpayers. This was much needed.”
The middle-class homebuyers also got some tax relief in the budget. Finance Minister’s announcement on one year extension of additional deduction of ₹1.5 lakhs for loans taken to purchase affordable houses brought a smile on Nivedita’s face. Nivedita Sharma, a banker by profession and resident of Bulandshahr, says, “This decision will be significant for those including me who had a dream of buying a small residence of their own.”
(The report has been written by Shobhit Gupta, a student of BA (Journalism and Mass Communication) of Bennett University.)
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Every year when the
We sought some reactions from
Soham Budhori, B. Tech 2nd year student at Bennett, says, “The pandemic hit the
“For me, filing an ITR was a hectic exercise. Being a 78-year-old and unhealthy person, it was very tough for me to go through several documents. But with the proposal of exempting senior citizens from filing ITR, it’s a big relief to me”, says Hari Shankar Gigras, a resident of Bulandshahr, Uttar Pradesh.
The Finance Minister also proposed to increase the limit for Tax Audit to ₹ 10 crore for the companies doing most of their business through digital modes. Janmejai Singh, BJMC 2nd year student at Bennett University says, “This decision is a big step in promoting the Digital India initiative. This would enable the firms to progress further and contribute to Digital India revolution.”
Ashima Chaudhary, BJMC 2nd year student at Bennett University expressed her thoughts on ease in compliance of tax cases. She says, “This is a step in the right direction. Being from a business family, I know the hardships faced earlier. This proposal intents to reduce the legalities and uncertainty for taxpayers. This was much needed.”
The middle-class homebuyers also got some tax relief in the budget. Finance Minister’s announcement on one year extension of additional deduction of ₹1.5 lakhs for loans taken to purchase affordable houses brought a smile on Nivedita’s face. Nivedita Sharma, a banker by profession and resident of Bulandshahr, says, “This decision will be significant for those including me who had a dream of buying a small residence of their own.”
(The report has been written by Shobhit Gupta, a student of BA (Journalism and Mass Communication) of Bennett University.)
Join exciting programmes offered by Bennett University
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