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There is no benefits to middle class pockets - budget

CA Naveen Chand (Chartered Accountant) (12729 Points)

01 February 2018

AS PER BUDGET 2018-19, THERE IS NO BENEFITS ON MIDDLE CLASS POCKET

EDUCATION & HEALTH CESS @ 1% ADDED IN ADDITION OF EC & SHEC , TOTAL CESS 4% TO BE PAID.
LTCG @ 10% IF LTCG EXCEEDS RS 1 LAC
NO CHANGE IN I-T SLABS

PLEASE SHARE UR VIEWS ON BUDGET MATTERS

THANKS !!

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1 Replies

CA AnKiT BoHrA (AB) (Manager) (25955 Points)
Replied 01 February 2018

The whole budget was focused on agriculture and farmer theem which is actually the base of india.... So in my view for longer term , to look india as a developed nation, this budget is quite good, but it can be better if some more steps are taken...

1. Good to implement LTCG tax as most countries in the world have this.

2. Salaried person got standard deduction but this can be much better if it was in percentage terms like 30 % or something.

3. Focus on increasing the MSP of the farm products... A Good thought to increase the income of farmers because ultimately it will raise the consumption from lower level which helps economy.

4. Corporate tax rate which was lower to 25 % for companies upto 100 crore turnover , increased to companies upto 250 crore turnonver, same should be done to every entity rather than only companies.

5.Tax rate for income tax slab 5 to 10 lac can be decreased a bit to 15 % to give a little relaxation because earning 6-7 lakh doesnt makes you upper middle class in india at this generation.

Rest will comment more once get more time to anlayse the budget papers well....