New Delhi: Bihar Deputy Chief Minister Tejashwi Yadav has said that the Centre has duped Bihar with its budget ‘once again’ though it gave many MPs.”Bharatiya Janata Party-led Centre had said in 2014 that the farmers` income will be doubled in 2022, everyone will have a roof over their head by 2022, at least 80 crore people would have jobs by 2022, but their habit of `jumlebaazi` has not ended yet even in 2023 now. They have duped Bihar which gave them many MPs,” RJD leader Tejashwi Yadav said in his tweet in Hindi.
Meanwhile, the JD(U) MP Rajiv Ranjan also termed the Union Budget 2023-24 a “Sapno Ka Saudagar” and said that there are no measures to control inflation and unemployment mentioned in it. “There is nothing in Budget 2023. It is like `Sapno Ka Saudagar` – nothing comes true when you wake up after a dream. Also, nothing was mentioned about how to control inflation and unemployment,” JD(U) MP Rajiv Ranjan said talking to ANI.
Notably, most leaders of the Opposition have criticised the Budget presented in the Parliament today and called it “election-oriented” and “pro-corporate”.
Trinamool Congress (TMC) leader Shatrughan Sinha said that the Union Budget presented in the Parliament had a major focus on “Hum Do Humare Do” and had nothing special for the people belonging to the middle-class strata, while Bahujan Samaj Party (BSP) chief Mayawati said that the budget has been very much similar to the ones presented in the last nine years with huge promises and announcements showered on the common citizens.
Samajwadi Party (SP) leader Dimple Yadav also called the Budget “disappointing” and alleged that the government presented it keeping in mind the upcoming Lok Sabha elections in 2024.Finance Minister Nirmala Sitharaman declared five major announcements in the new tax regime including an increase in the income tax rebate limit from Rs 5 lakh to Rs 7 lakh stating that the new tax regime will now be the default tax regime.
The Finance Minister also proposed to change the tax structure in this regime by reducing the number of tax slabs to 5 and increasing the tax exemption limit to Rs 3 lakh.
On personal income tax, the FM announced that “Tax for income of Rs 0-Rs 3 lakh is nil, for income above Rs 3 lakh and up to Rs 5 lakh will be taxed at 5 per cent, for income of above Rs 6 lakh and up to Rs 9 lakh will be taxed at 10 per cent and for income above Rs 12 lakh and up to Rs 15 lakh to be taxed at 20 per cent and above 15 lakh at Rs 30 per cent.
“The finance minister also said: “The limit of Rs 3 lakh for tax exemption on leave encashment on government salaried employees. That was set in 2002 when government salaries were lower and is now being raised to Rs 25 lakh.”
She also added, “The new income tax regime will now become the default option, but people will still have the option to go for earlier regime.” The average processing time for income tax returns has been reduced from 93 days to 16 days.