Ever since it rolled out on Wednesday, the B-word is on everyone’s mind. The much-discussed 2017 Union Budget has got everyone talking. Despite the merger budget (of Union and railways) being considered as a comprehensive one; a volley of city peeps believe there’s room for more.
So, what are the yays of the deal? The slash on percentage tax, zero tax liability for people earning up to Rs 3 lakh per annum, more proactive and efficient methods to step up the higher education system.
However, ooru’s folks have also noted the misses — there seems to be an air of ambiguity with regard to several other aspects. In a candid chat, young Bengalureans give us their take on the budget that is, and what probably could’ve made the cut.
Techies and analysts speak: What they want – Annual LTAs, increase in the basic exemption limit.
Given the number of check-ins we see at a regular basis, it’s little surprise that travel is on everyone’s mind. But does the budget reflect the same? Not really, believes Nitin Hajela, a management consultant, Ernst and Young.
“Long weekends are all about quick getaways. The urban working youth is quintessentially a traveller, so an annual LTA (Leave travel allowance) would’ve been a more well thought-out approach. The LTA claim could have been done annually instead of two years. As of now, we can avail once in two years in a four year cycle. That’s a little hard-hitting. On the personal tax front, I was expecting the change in tax rate of around 25 per cent for higher slabs.”
A treat for the truthful:
Stressing upon how there could’ve been more proactive measures for the ‘9-5’ folk, Suryakiran, a chartered accountant opines, “I appreciate how comparisons were made between people who take international tours annually and those who file returns, and interestingly the numbers were significantly larger in the former. This proves how a lot of people who earn money don’t do their bit, and I’m glad the tax schemes have stiffened for those under that bracket. This also gives the sincere tax payer an upper hand. On the lop side, the salary class could’ve gotten a better deal. There was a news (before the budget was released) of increasing the basic exemption limit, which did not happen. I perceive that as a pinch to the working class of the country.”
Incidentally, the city’s gatronomically inclined are hinting at some disapproval. Giving his views on how the hospitality industry is feeling left, restaurateur Sajal Jassal, opines, “Eating out has become a major part of our lifestyle.
Unfortunately, there haven’t been any concrete steps for the hospitality sector. An industry that contributes massively to the economy and in a country where the concept of eating out has emerged, I hoped to see more provisions on that front.”
Students – what they want: Special provisions for entrepreneurs, and mobilise additional revenues.
With things looking up for college-goers ready to take the corporate plunge, Pratheek Nanaiah, a 23-year old student states, “The cut on the percentage tax is a big plus. Honestly, I feel the government should have been a little kind towards entrepreneurs. Maybe come up with some policy or a system to encourage entrepreneurship.”
Speaking about how the lack of incentives for women entrepreneurs are a spoiler too, entrepreneur Apurva Chetan adds, “The fact that there’s absolutely no special provision laid out for women entrepreneurs is startling. Given how it’s the era of start-ups, it would’ve been beneficial if the tax breaks are extended for budding entrepreneurs. An incentive would’ve been a stimulant to add to the economy.”
