By Brena Soni
Mumbai : The union budget presented on Saturday by the finance minister, Nirmala Sitharaman, has made its biggest announcement of giving benefits to the taxpayers, where no tax will be implied for the annual income up to Rs 12,00,000 and releasing its tax slab under the new tax regime, which states as
Zero to Rs 400,000—No Tax
Rs 4,00,001 – Rs 8,00,000 – 5%
Rs 800,001 – Rs 12,00,000 – 10%
Rs 12,00,001 – Rs 16,00,000 – 15%
Rs 16,00,001 – Rs 20,00,000 – 20%
Rs 20,00,001 – Rs. 24,00,000 – 25%
Above Rs 24 lakh—30%
The second decision, which makes this budget more important, is about the lithium batteries, due to which it is promoting electric automobiles.
Over this Jyotsna Sangi, an automobile expert, says, “It is a very progressive budget and a movement of growth and upscaling middle-class income groups. So this helps in boosting the economy on the supply and demand side. Focus on renewable energy and recyclable manufacture is very high, and this would increase deployment as it will increase technology and development from all sides.”.
When it comes to the overall budget, expert Sanjay Mehta says that “it has covered all the segments from agriculture to technology, and as it is a progressive budget, it will be boosting jobs; also, it will be providing loan facilities to women. When it comes to focusing on renewable energy, it was very good because to develop more electric vehicles, we need those pieces of equipment”.
