Call it a populist budget or a socialist one, Modi government has put in every effort to cast away gloom that had settled in post demonetisation move. Finance Minister Arun Jaitley on Wednesday presented a historic budget – since this was the first one in 92 years, which merged Railway Budget to the Union one.
A comprehensive budget from the Finance Minister was anticipated owing to the upcoming Assembly elections in Goa, Punjab, Uttar Pradesh, Manipur and Uttarakhand. commenting on the Budget, Prime Minister Narendra Modi said, “this Budget is yet again devoted to the well-being of the villages, farmers and the poor”
While the common man has many reasons to be happy about, Jaitley certainly did wipe the smile off politicians’ face across all parties.
Here are some goodies handed out by the Finance Minister Arun Jaitley:
Income Tax reduction: In a major step, Finance Minister Arun Jaitley announced the reduction of the existing rate of taxation for individuals with income ranging between Rs 2.5 lakh to Rs 5 lakh to 5% instead of 10%. This means that everyone under the tax bracket of Rs 50 lakh stand to gain Rs 12,500 tax benefit in the coming year. There will be a surcharge of 10% for those whose annual income is Rs 50 lakh to Rs 1 crore. Additionally, the 15% surcharge on Rs 1 crore or more remains unchanged. Click here