Increased tax slabs, increase in standard deduction, and increased deductions from pensions will bring relief expected to over 4 cr salaried individuals and pensioners.
Speaking at Fortune India’s pre-budget roundtable, Congress party spokesperson Gourav Vallabh called for the introduction of wealth tax and market capitalisation based taxation.
While the Budget may have given an option to move to a new personal tax regime, individuals are likely to think twice because they have to give up 70% of their exemptions.
The Budget could act as a trigger to turning around the Indian economy, which is going through one of its toughest phases. But it will take some tough decisions.