Hyderabad: The Budget has proposed a tax rebate for small taxpayers earning taxable income up to Rs 5 lakh. This means people earning less than Rs 5 lakh will not come under the tax net.
The tax rebate will help households to think of savings. S. Ananthanarayanan, chairman of GST and customs committee, said, “Increasing the tax exemption will be helpful for middle class households as it will help them channelise their savings into the market.”
The finance minister, while presenting the Budget 2019-20 in the Lok Sabha on Friday, spent some time acknowledging tax payers’ contribution, and the tax rebate he announced has been generally welcomed.
R. Santosh who lives in Lingampally and works in a call centre, said, “I am happy with the fact that I will get tax rebate and likewise a lot of my colleagues. The sops focus on people who can stand in line and vote.”
Dilip Kumar Pansari, general secretary, Hyderabad Secunderabad Retail Dealers Association, said, “Little income tax relief is like also almost covering the pain of demonetisation and GST for the middle class. The Budget is almost like the last overs sixers of 20-20 cricket. After the recent loss in three states, the government had no option but to declare welfare schemes for the middle class and farmers.”
