Budget-2016 is very painful for salaried class
IndiaSpeaksDaily Bureau. Salaried class is one of the major sources of revenue of government. From last 3 years, Finance minister Arun Jaitly is pressurizing salaried class in his so called well presented and well explained budget. This is again a 3rd continuous loss in the match against inflation. This leap year day was very painful for salaried class.
On one side, inside parliament Mr. Jaitly gave a big presentation of budget while on other side salaried class was consuming the tablets of BP and depression. Reason being; no increase income tax slabs, no tax concession, service tax increased, no concessions etc.
FM Jaitly seems to be very fond of increasing service tax. Although in 2015 service tax increased [email protected]% in November 2015 additional @0.5 was increased in name of ‘Swatch Bharat Cess’ and now from again @0.5% has been increased for the sake of ‘Krishi Kalyan Cess’. Salaried person will not have to pay more while having food outside with family, while watching movies or for his 4G recharge.
Income Tax is something which a salaried individual has to pay. Any salaried persona’s most loved saving which is also his primary source of retirement money that is provident fund will also become taxable soon. Now 60% of all EPF money will be subject to tax from 1st April 2016, which will be the major setback for aam salaried man. Earlier also this government introduced new laws, in accordance to which EPF amount cannot be withdrawal before the age of 58. These steps makes difficult to understand, how government plans to give social security to a common man.
Although previous budgets including this may not have satisfied salaried class, but still 5 match series of Modi government is not over. Hope this may not turn into clean sweep in this 5 year match series.
Web Title: Budget-2016 is very painful for salaried class
Keywords: Budget| Budget 2016| Arun Jaitly| EPF| Tax| Income Tax| Budget 2016- Pressure on Middle Class