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Wednesday, April 24, 2024

New tax rebate may affect society says Delhi accountant

Delhi chartered accountant Ved Jain on Wednesday said the Union Budget presented by Finance Minister Nirmala Sitharaman may not be good from the perspective of over all society.

NEW DELHI:

Delhi chartered accountant Ved Jain on Wednesday said the Union Budget presented by Finance Minister Nirmala Sitharaman may not be good from the perspective of over all society.

He said that when the Budget is prepared an exercise is carried out on how much is the rate of inflation and what concession can be given in tax.

Since elections are around the corner, the government thought how it can give relief to the middle class taxpayers, otherwise the tax collection and inflation are also factors which have to be taken into consideration.

“But I believe that this tax rebate will not be helpful to the taxpayers. A taxpayer is supposed to take care of his future position, retirement, social security, medical etc, what exemption we will get from this budget is only to create social security. When a person invests in PF, insurance, all these are to create social security for his future. Now they say that you should pay lesser tax, without taking these social security measures, probably may not be good from the perspective of overall society,” said Jain.

He said just think about what will happen after fifteen to sixteen years when a person will become old, and he will not have any source of income, then from where will the money come.

I would like to say to the people to be prepared for any future emergency.

Jain said that he agrees that this budget will help the Indian economy as the taxpayers will have money in hand, it will increase the purchasing power and ultimately it will boost the economy.

“Out of the around seven crore tax payers around four crore tax payers will fall within the bracket of Rs 15 lakh. And each person getting one lakh rupees extra in hand, so that will mean Rs 54 lakh crore. So there will be a substantial amount to boost the economy,” said Jain. IANS

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