Individuals who fall in the highest income slab of Rs 1 crore and above, pay a tax of 30 per cent.
Mumbai: The budget has made no changes in the IT slabs, which has been taken positively by several city-based professionals, saying it means there is no additional burden on their finances. Currently, Indians in the lowest personal annual income slab of Rs 2.5 lakh to Rs 5 lakh pay a tax of 5 per cent, while individuals who fall in the highest income slab of Rs 1 crore and above, pay a tax of 30 per cent.
Talking to The Asian Age, Hardik Khatri, managing director, Avtaran Capital Advisors, said, “The finance minister struggled with his small offerings and tried his best to make salaried people happy. Overall, he made efforts to balance his budget. With a wide focus on public infrastructure and agriculture sector, this will surely be helpful in giving a boost to the economy and uplifting lives of farmers.”
Mr Khatri added, “This will surely contribute towards the generation of employment. The roadmap for financing this needs to be looked into carefully.” He continued, “Reduction of tax to 25 per cent for small corporates with turnover up to Rs 250 crores will certainly give small token of motivation for small, micro and medium enterprises.”