“Union Budget 2023-24 Is A Win-Win For All, Keeps National Interest In Mind”

Lucknow, February 2 || Budget 2023-2024 was no brainer as it went on as expected lines of Modi’s ring tone “meraa desh badal raha hai, aaage badh rahaaa hai”. Finance Minister Nirmala Sitharaman has further strengthened the road map of “INDIA SHINING”, no matter what the prohets of doom say and predict for Indian economy in times to come.

By providing no freebies and strengthening the govt machinery further for curbing leakages and stating clearly that luxury items don’t need any tax breaks, property sale above Rs 10 crores will not be eligible for capital gain exemption, sending money abroad apart from education fees or health expenses will attract a steep 20% (TCS), so buying house abroad, foreign travel, imported jewellery will be a costly affair thus increasing domestic travel.

Purchase of electric vehicles has been encouraged by making them more cheaper by custom duty cuts and above all a much awaited bonus for middle class is the announcement of raising the limit upto Rs 7 lakh where no tax is to be paid in the new tax regime. Standard deduction of 50000/- remaining the same so a person earning 7.5 lac in a year does not have to pay any tax, no change in capital gain tax was cheered by stock market aspirants.

The super rich were given relief by cutting the surcharge to 25% from 37% resulting in highest effective tax rate now is 39% from 42%.

Tax exemption limit for Leave Encashment on retirement for non-govt salaried individual increased to Rs 25 lakh from Rs 3 lakh. With all these and many more actions taken in the budget the Modi government aims to bring down the deficit to 4.9 %of GDP by 2025.

In short the budget is excellent for individuals, business class and the country in total there will always be some misses and hits as you cant please every single citizen of the country.

— Akshay Bhargava/Lucknow

(The writer is a Lucknow-based AMFI certified distributor)