Bhopal: Middle class goes gaga over I-T reliefs in budget

Bhopal: Middle class goes gaga over I-T reliefs in budget

‘Would help save, spend more; was long overdue’

Staff ReporterUpdated: Wednesday, February 01, 2023, 10:28 PM IST
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Representative Image |

Bhopal (Madhya Pradesh): The Union Budget has brought good news for the salaried and non-salaried middle class. The changes in both the new and the old Income Tax regimes announced in the budget were heartily welcomed by this section of city residents. They said that it will help them to save more for emergencies as well as spend more.

Excerpts:

Anshu Gupta, entrepreneur

Anshu Gupta, entrepreneur |

The tax exemption limit under the old Income Tax regime has been raised from Rs 2.5 lakh to Rs 3 lakh. This is a joke. The way prices have risen since 2014, it should have been raised to at least Rs 5 lakh. If the middle-class will have more money in its hands, it will increase its purchasing power, giving a boost to the markets and increasing liquidity. The rebate under the old I-T regime has been increased from Rs 5 lakh to Rs 7 lakh. That is good. The budget has no provision for reining inflation. This is disappointing. The kitchen expenses will not come down. This is also bad news.

-Anshu Gupta, entrepreneur

Iqbal Baig, government employee

Iqbal Baig, government employee |

We the salaried class pay Income Tax regularly and honestly. We have no other options either. The tax is deducted from our salaries. That is why high rates of income tax hurt us very much. It is like a chunk of our income being snatched away. Also, it affects our ability to save money for emergencies. That is why I am very happy with the changes in the I-T slabs and in the rebate in the new budget. This was long overdue.

Iqbal Baig, government employee

Ashok Nigam, in-charge, CFC, Handloom and Handicraft Development Corporation, Govindpura

Ashok Nigam, in-charge, CFC, Handloom and Handicraft Development Corporation, Govindpura |

Income up to Rs 7 lakh per annum has been made tax free in the budget. This is a great relief for middle-income families. Also, the slabs have been changed and those with higher incomes (Rs 10 lakh and above) will also have to pay lower taxes. This is also welcome. In short, this budget is very good for people like us.

-Ashok Nigam, in-charge, CFC, Handloom and Handicraft Development Corporation, Govindpura

Shalini Gupta, artist

Shalini Gupta, artist |

The change in I-T slabs is very good news for those whose income is between Rs 45k and Rs 55k per month. It is very certain that the budget will give a boost to employment and income of the people. Higher income will mean more taxes. The rebate in Income Tax (new regime) for annual income from Rs 5 lakh to Rs 7 lakh will leave more cash in the hands of the people. We would be able to make some savings.

-Shalini Gupta, artist

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