Budget tax relief: Middle class happy with extra cash in hand
Times of India | 2 February 2025
12 Kolkata: Initial doubts about tax benefits for middle-class earners transformed into joy as finance minister Nirmala Sitharaman announced tax concessions on Saturday afternoon. The announcement left citizens across Kolkata visibly pleased.
Despite uncertainties about the forthcoming Income-Tax Bill, people celebrated the immediate benefits. Discussions about tax reductions and their implications for ordinary citizens dominated conversations throughout the city, from marketplaces to public transport and the iconic Coffee House.
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Marketing professional Subhodeep Bose expressed enthusiasm: "This is indeed a big relief for tax-paying professionals. There hadn't been any significant tax relief over the last several years. Tax-paying job-holders have little social security. The abolition of tax for those earning up to Rs 12 lakh a year will benefit a large chunk of the middle class. This will also boost the economy by encouraging more spending. Rise in disposable incomes will increase consumption."
Entrepreneur Pratip Sengupta believes the tax relief will strengthen the economy. He anticipates increased middle-class spending and savings, despite inflation concerns. The revised tax structure should encourage purchasing, potentially boosting his sales.
Kaustabh Mitra, assistant headmaster and economics graduate, noted the Budget's significance for ordinary citizens. He suggests increased disposable income for those earning above Rs 8 lakh will positively influence both local and national economies.
Susmita Mondal, a teacher from Parnashree, welcomes the extra funds for household expenses, particularly after pandemic-related difficulties. "Ever since the pandemic, it has been a struggle to make ends meet as prices of essential commodities soared. So some extra money at hand will be great," she remarked.
Another teacher, Sudeshna Roy, plans to invest her savings in property. "Paying no tax for those under the Rs 12 lakh per annum slab like me is a huge relief."
IT professionals Subhasree and Joydeep Halder intend to use their tax savings for international travel.
Lawyer Sayantani Banerjee aims to establish an independent law practice using the additional savings. IT professional Subhendu Dey expresses optimism about the new tax structure, anticipating increased savings.
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