“For the first time, budget of common people”

CA Chetan Tarwani (Former President,
Income Tax Bar Association and Institute of Chartered Accountants of India Raipur)

For the first time, this budget has been appreciated by everyone because it is the budget of common people. Everyone felt that this budget is for us. The hearts of taxpayers have been won by giving more than expected exemptions in income tax. This budget has provided opportunities for farmers as well as businessmen and young women. Missing out on declaring income by mistake is no longer a crime, but an opportunity is being given to correct it in four years.

The Finance Minister has also announced that she will bring a new Income Tax Bill next week and this bill will be in simple language so that taxpayers and tax administrators can also understand it.

Along with this, the Finance Minister has also given a message to the tax officials to first trust the income tax returns filed by the taxpayers and keep scrutiny to a minimum.

Capital expenditure of 15.5 lakh crores will not only lead to development of the country but will also increase employment opportunities.

Now you can keep two houses for your personal residence, notional rent will be applicable on it. Apart from this, by giving many types of concessions in TDS and TCS, the message of simplification has been given.

Earlier, if a person has not filed income tax return, then TDS was charged at a higher rate on him. Now this provision has also been removed. Now only those people who do not have PAN card will be charged more TDS.

This budget has full possibility of growth in our economy in the coming time. The government has proposed to give tax exemption and additional capital in the form of loan, all these provisions will increase the flow of capital in the market and create a positive environment for trade and business. Jai Bharat