'Sabka Vikas Hoga': Mumbaikars Embrace Union Budget
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Synopsis
On February 1, Union Finance Minister Nirmala Sitharaman introduced the first comprehensive budget of the Modi 3.0 government, eliminating income tax for earnings up to Rs 12 lakh, sparking positive reactions from Mumbaikars, particularly regarding new tax rebates.
Key Takeaways
- No income tax for income up to Rs 12 lakh.
- Tax exemption raised to Rs 12.75 lakh for salaried individuals.
- Positive feedback from Mumbaikars on tax savings.
- Increased purchasing power expected to boost industries.
- Significant relief for the middle-class population.
New Delhi, Feb 1 (NationPress) On Saturday, Union Finance Minister Nirmala Sitharaman unveiled the inaugural full budget of the Modi government 3.0. The FM revealed that there will be no income tax owed on earnings up to Rs 12 lakh, with Rs 12.75 lakh designated for salaried individuals (inclusive of standard deduction).
In reaction to the Union Budget, numerous citizens from Mumbai applauded the proposals, particularly the fresh tax rebates introduced in the budget.
Amit Thakur Desai, a resident of Mumbai and accountant at the IMC Chamber of Commerce and Industry for three decades, expressed, “This is the best budget as the tax exemption has been significantly increased this time. Higher tax savings will enhance purchasing power. Increased purchasing power will stimulate economic activity, benefiting various industries. ‘Sabka Vikas Hoga’. This tax relief will predominantly aid the middle class.”
Selvi, an IT professional, remarked, “We never anticipated a limit of 12 lakh. After 26 years of work, I have never witnessed such a substantial increase in tax exemption. It’s a win-win for the nation since more disposable income will lead to higher spending, and tax revenues will benefit the government. This is a major relief for the working class and a commendable initiative.”
Amita Ghosalkar noted, “This is an Aam Aadmi Budget. It feels like a lifeline for salaried individuals. We did not foresee this elevated tax exemption. It’s a positive change, especially for those managing housing or other loans, as it allows for more disposable income.”
Sia Wagne shared, “Middle-class individuals are overjoyed because nobody anticipated such a high tax exemption limit. This is quite relieving.”
A local resident stated, “I have never witnessed such a significant increase in tax rebates. The 12 lakh exemption limit was unexpected. It’s akin to a sixer by MS Dhoni in the final moments. This budget is popular and caters to everyone’s needs.”
Rakesh Patel, another local, added, “This budget is excellent since individuals earning up to 12 lakh will now be exempt from tax.”
