Nagpur: The President of Vidarbha Taxpayers Association (VTA), J P Sharma commenting on the Union Budget said that despite this being last and election budget, Finance Minister Piyush Goyal instead of populous budget had delivered an extremely balanced budget. In this budget he has covered all including taxpayers, middle class, farmers, labourers, govt employees, aanganwadi workers, small traders and poor as well.
Equal emphasis is on defence sector too wherein defence budget is increased to Rs 3 lakh crore and is a welcome step. Likewise, while thanking the taxpayers, Finance Minister gave them valuable gift by increasing threshold limit from Rs 2.5 lakh to Rs 5 lakh. This budget is not like all previous election time budget, but this is a futuristic aimed budget in nation’s interest.
Focus more on farmers, middle class:
Tejinder Singh Renu, President, Nagpur Residential Hotels Association (NRHA) & Secretary, Vidarbha Taxpayers Association (VTA), said that it’s highly appreciable of Finance Minister who thrice submitted thanks to honest taxpayers in his address to the House. Such pat on the back further motivates taxpayers. This budget focuses more on the middle class and farmers. Relaxations in notional income, extension of 80IB, freedom to buy two residences instead one for saving of capital gains and likewise will give much needed relief for realty sector.
Rebate of no income tax up to Rs 5 lakh is welcome step & standard deduction increment from Rs 40,000 to Rs 50,000, will deliver much respite to the middle class. Rs 3 lakh crore being recovered through Insolvency and Bankruptcy Code, 2016 is a major achievement, which gives a clear message that siphoning of public money via bank loans by few will not be tolerated and can’t escape. Although tourism sector seemed missed. On the scale of 10, I give 9 marks to this Interim Budget, Renu said.