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VOX POPULI : People expressed their divergent views on the I-T cut to different slabs

VOX POPULI : People expressed their divergent views on the I-T cut to different slabs
Highlights

Tax for income between Rs 5-7.5 lakh p.a halved to 10%. tax for an income between Rs 10 and Rs 12.5 lakh has been reduced to 20% as against 30%...

In my view, the new slabs system introduced by the Finance Minister Nirmala Sithraman is highly unsatisfactory for the middle-class taxpayers. It is just a preparation to take out all the earlier exemptions which were availed to the common people of India.

The new optional slab system will further create a new confusion among the people especially the working employees. The majority of the financial experts in my view are still in confusion after the Minister presented the new optional slab system and are indulged in to find out the positive measures proposed in it.

The confusion even continues further for the middle-class taxpayers and ultimately it will be going to ruin the financial planning of an individual family in terms of taking life insurance, planning children studies and buying the houses. It is just a jumbling of slab rates to create confusion among the taxpayers on the name of exemptions.

- M Ravi Kumar, private employee, Boduppal

I welcome the new tax slab regime introduced by the Finance Minister. Change in slab rates of income tax has been made which seems to give a marginal relief.

Under the scheme of Vivad se vishvash Scheme, many of the disputed cases pending at various levels of appeals in the Income Tax department will be resolved without paying interest or penalty.

A very good measure taken for small investors by enhancing the DICGC coverage from Rs1 lakh to Rs5 lakh will result in increase in investment as well security to the bank Investors.

Abolition of the dividend distribution tax is one bolder step taken in the Budget; this may give extra funds to organisations.

- Naveen Kumar Agarwal, Chartered Accountant

I welcome the introduction of the new tax slab regime by the Union Finance Minister and it will be a new encouragement to the middle-class people as well as employees, too.

The optional new tax regime will create a healthy atmosphere for new employers and the working class to prioritise their needs and invest. It will certainly improve the economic conditions of the middle-class people.

In my view, the optional new slab system will reduce the burden of taxpayer to run to an expert in fear and confusion of taxpaying to get exemptions and deductions in fear of losing them.

The beauty is that a new slab tax regime is introduced while continuing the old tax regime, which will be going to help the middle-class, employees in a huge way to reduce the tax burden on their families.

- T Rajashekar, advocate, Barkatpura

In my view, the new tax regime introduced by the Finance Minister Nirmala Sitharaman has disappointed the middle-class and employees. The optional new slab system which is announced by her will anyway is not going to help any of the private employees.

The new slab system is going to ruin the rebates and exemptions to the needy upcoming people of India and it will be going to affect the lakhs of taxpaying families.

The Finance Minister and her team are trying to take out the exemptions and deductions of the people which they were enjoying in the previous old tax regime.

It will be going to affect the savings of lakhs of families which were earlier used to make to get exemptions and deductions in many sections of

Income Tax.

- K Venkata Narayana, social activist, Amberpet

I fully support the new income tax slabs introduced by the Finance Minister Nirmala Sitharaman. As she exempted the individuals with their annual income below Rs 5 lakh from any taxes, it is a significant relief to middle-class taxpayers.

And the optional a new tax regime will certainly give benefits to the new employers to plan their life as against the old tax regime.

The unmarried employers will get a chance to opt new tax regime and simply come out of the tensions of income tax without approaching the chartered accountants.

- K Ganesh Babu, businessman, Ramnagar

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