Congratulations! to all. Our finance minister has changed the tax slabs in Union budget 2011 yesterday and as per new tax slabs, you will be saving Rs.5.75 everyday now. Thanks a lot for him for such a powerful gift. Now, we all will be able to fight high inflation easily. What a Government we’ve elected. Wow!
You must be saying that I’m joking. You’re right. But who has started it. I think Finance minister was joking in parliament of India. We all pay taxes. Even a beggar pay taxes in India in form of sales tax or VAT. And what we were expecting from him. Some relief from high inflation. But he did not do ANYTHING to curtail it. Infact, he has imposes service tax on lots of new items like hospitalization and even our medical tests. These are basic needs of people and he wants share in that also.
He has given some relief to senior citizen and introduced a new category of super senior citizens, who are above age 80. But is that sufficient. They have already paid taxes throughout life and after paying taxes, they had invested the amount in different schemes to meet their daily needs at old age. Now, you’re again taking tax on that amount. Isn’t it double taxation? In my view, every senior citizen should get pension or income from any source absolutely tax-free.
No action to curb mismanagement on supply side or to bring black money back to India. No major reforms to boost economy. But he is confident of 9% (+/- 0.5%) GDP growth. Mr. Finance Minister, you’re now 76 years old and you must understand now that a common man is bothered of his bread and butter and other basic needs like education, health and little savings for future. He is least bothered about your GDP growth figures.
In a summary, he has given a best example of worst budget in the history of India.
On the other side, Direct Tax Code (DTC) yet to come in parliament for discussion. May be (although I don’t hope), he come out with new tax slabs and give some relief or we might get some new gift from him. Till, then accumulate that money and get Cadbury Eclairs for your kids.