2020 ke budget speech mein ek bollywood thriller ki tarah kaafi twists aur turns the. Ek taraf tax exemptions ki savings chali gayi, toh doosri taraf tax rates hi slash kar diye gaye. Finance Minister Nirmala Sitharaman ne bharat ke itihaas ki sabse lambi speech deliver ki - poore 2 hours 43 minutes tak unka bhaashad(speech) chala. Ant mein Prime Minister Modi ke ishare par Finance Minister ne apni speech khatam ki. Iss podcast mein hum budget announcements se aapke finances par kya asar hoga, ye discuss karenge.
1st February ke din 10 lakh se zyada logo ne google par budget-related queries search ki. Log ye jaan ne ke liye tatpar the ki unka tax burden bada ya phir gira? Aur rozana zindagi mein jo cheeze istmaal hoti hai, wo abse zyada sasti hongi, ya mehengi?
The background to this budget speech was weak consumer demand, high unemployment rates, corporate distress, and slowing GDP growth. The finance minister had her work cut out for her. On some fronts, she did deliver results. On other fronts, she left a lot to be desired.
Let’s begin with the changes to the income tax code. About 70 exemptions and deductions have been removed. In the old system, tax exemptions were available on certain sources of income. Additionally, individuals aur families life insurance, health insurance, home loan repayments etc jaise expenses par tax deductions avail kar sakte the. Inn deductions aur exemptions par upper limit toh hota tha, par har saal kaafi Indians inntax deductions ke through kaafi hadd tak apni tax liabilities kam karte the. In the new system, these tax exemptions and deductions are not available.
Instead, the government is passing on similar savings to the taxpayers through a more direct route: by reducing the tax rates themselves. India mein har uss individual ka tax rate kam hua hai jiska annual income 15 lakh se kam hai. Jinka annual income 5 lakh to 7.5 lakh ki range mein hai, unka tax rate 20% se gir kar 10% ho gaya hai. Iss naye system ka ek aur advantage hai - everyone will save a lot of time under this new system. Every year, the income tax department had to return lakhs of crores to Indian taxpayers through tax rebates. You can imagine the amount of paperwork and manual labor involved in returning such huge amounts of money. Under the new system, instead of the money first going from the taxpayer to the income tax department, and then returning to the taxpayer from the income tax department, will remain in the taxpayers hands. Jo bhi technological aur human resources paise ko iss tarah gol gumane mein lage the, wo sab free ho jaayenge.
The taxpayer will save a lot of time under the new system through pre-filled tax returns forms. Current tax return forms are so complex that ek bahut logo ke liye ek Chartered Accountant ya tax professional ki help lena compulsory ho jaata hai. Par jo log new system ke under income tax returns file karenge, unhe pre-filled forms milenge jo vo khud bina tax professionals ki madad liye submit kar sakte hai. This will save both time and money
Tax rates lower karne ha ek maksat(goal) ye tha ki consumer demand ko boost mile. The Indian economy is currently not growing as fast as it did, say, in 2016. Iss slowing growth se kaafi sectors distress mein hai, aur unemployment rate bhi kaafi high hai. With lower tax rates, it is hoped that people will be left with more disposable income, and this money will increase their consumption of goods and services.
The new tax regime is optional - agar aapko purane exemptions aur deductions waale system mein zyada tax savings mil rahe hai, then you can continue to file returns under the old system.
SENSEX and NIFTY fell after the budget speech - par ye nayi baat kahan hai. Har budget announcement ke baad stock market thoda girta hai, aur phir aage ke weeks aur months mein recover kar leta hai. Par kuch business executives aur financial experts ka ye maan na hai ki finance minister ke sector-specific relief provide karne ki ek achi opportunity miss ki hai.
The Indian economy and the stock market are very dynamic, so keep listening to the Angel One podcast to make sure you never miss out on important updates!
चलिए, एंजेल वन की तरफ से आपको आज के अलविदा. ये podcast शेयर करना ना भूलियेगा - याद रखियेगा की ज्ञान बाटने से बढ़ता है । और फिर अंत में तोह financial markets एक ऐसी university है जिसमे कोई professor नहीं, सब students ही है ।