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Sunday, February 4, 2018

Comments On Budget 2018 For Middle Class


On 1st February 2018, Finance Minister presented the General Budget in the Parliament and I, like any other salaried middle class was glued to the computer screen just to listen to the point of my interest, that is, how much tax relief will be given to me this time. The announcement of tax rebate never came. Like all the salaried middle class, I got very angry and vowed not to vote for this government ever again. Slowly, but surely, my anger subsided and then I decided to look for any valid reason due to which they decided this. I had made up the mind to punish them in next elections if I could find that a grave Injustice had been done to me and hence, I did R&D on my own so that I don’t follow the herd mentality and make an informed choice. Since this information is very important, therefore I am sharing this with all of you here.

1. My home loan interest rate at the end of 2013 was between 9.5 to 11.25%. It has come down to under 8.5% now. (Keeping SBI as Reference)

2. Average Consumer Price Index (CPI) was 10.92% in 2013 while it is 2.49% right now. JUST IMAGINE, what would have been the prices of the goods of common usage if such a high CPI rate was still there.

3. Fiscal Deficit was 4.1% in 2013 while it has been targeted to be 3.3% for 2018 (Through this budget only). If we don’t reign in the fiscal deficit, it will lead to manipulation of capital structures, interest rates, will lead to decrease of net exports and will result in even higher taxes and higher inflation. So, dear friends, the budget is also aimed at keeping the inflation in check (Such are the strange ways of Economics)

4. One thing which I can’t understand is the fuel prices. Petrol Price was INR 78.46 in Mumbai in 2013 while it is now 80.94. Same is the case with Diesel as it was INR 60.8 in 2013 and now it is INR 68.25.

5. Let us now come to the moot point, that is, the Tax rebate for Salaried middle class. Big decisions like these can never be viewed in Silo. We also need to find out a pattern and if there is any rationale behind it. Most of us were expecting at least a tax slab raise to INR 3 lakh per annum from INR 2.5 Lakh per annum which means a saving of INR 5000 per annum or INR 416 per month. Is it such a big amount that our world will turn upside down? Remember, it is just INR 5000 savings for us but for the government, it is an extra spend of INR 50000 x 6.3 Crore = 3.15 lakh Crore. That is a scorching huge amount. So, just for the sake of savings of 416 per month, Government would have to bear the brunt of 3.15 lakh Crore and remember, this would have been further added into fiscal deficit as explained above which in any case would come back to haunt you in the form of higher taxes and inflation.

6. Now, comes the most important point. Go through it and then decide your voting preference. From 2009 to 2014, the tax rebate ceiling was increased from 1.6 lakhs to 2 lakhs per annum. From 2014 till date, the ceiling has been increased from 2 lakh to 2.5 lakh. For senior citizens, it has been increased to 3 lakh and for very senior citizens, it has been increased to 5 lakh. Also, don’t forget that from 2.5 lakh to 5 lakh income, you are now required to pay 5% tax instead of the earlier 10% and also, the standard deduction of INR 40000 has also come into picture now. This government is the one which has actually given the most to the salaried middle class and we are planning to remove the same government to bring one which in any case will keep taking taxes from us and will keep filling its pockets instead of using the tax money properly?

So, in a nutshell, this government has already given a lot to middle class honest tax payers like me. Yes, they might be charging more as far as Fuel Prices are concerned but I still know, that all my tax money, whether it is in the form of Direct tax, or Indirect Tax, is not going into the pockets of Corrupt Politicians of the previous regime. Just because I got angry because I was expecting tax Rebate because this was the last full budget of the Government before general elections and hence, I was EXPECTING some doles for me, doesn’t mean that I will again throw my country into the same quagmire of corruption & red tapism that my country has been suffering since 1947. It was the media and our own psyche that built up that expectation and not the government. They never gave any official indications or statements.

If I am able to convince even 1 person with this post of mine, I will assume that the extra pains I took to write such a long write-up has paid off.


भारत की मिडिल क्लास के लिये बजट का एक ही मतलब होता है... “इन्कम टेक्स में छूट...”

बाकी बजट को समझना कि देश का अन्तराष्ट्रीय व्यापार घाटा कितना कम हुआ, पेट्रोल, डीज़ल, हज आदि की सबसिडीयां ख़त्म करके विदेशी क़र्ज़ा कितना चुकाया, अर्थव्यवस्था को मजबूत करने के लिये क्या किया जा रहा है.... हमें कोई मतलब नहीं...

इस बजट में गाँव गाँव सड़क, बिजली, शौचालय, गैस कनेक्शन, गरीब के सर पर छत, स्वास्थ्य बीमा की जोरदार तैयारी है....लेकिन जानकर हमें क्या करना है....

उच्च शिक्षा को सुगमता से हरेक को उपलब्ध से कराने के लिये हर राज्य में IIT, IIM, AIMS और अब 24 नये Medical Colleges.... इससे हमें क्या करना ...

देश में चाईना की तर्ज़ पर जोरदार ढाँचागत विकास (Infrastructure Development) की बड़ी योजना है, बहुत ही बड़ा budget allocation है.... लेकिन हमें क्या करना है यह सब जानकर....

बजट बेकार है...पकौड़ा है... अब हम मोदी को २०१९ में हरायेंगें...क्योंकि इन्कम टेक्स में छूट नहीं दी...

Think Twice, Act Wise...
And Don’t doubt the Vision of Modi.....🙏

(CA Vinod Arya)         

If Modi fails in his fight againt corruption and black money, no PM of India will have the courage to take this issue again on his agenda for next 100 years and corrupt politicians, beaurocrates, police, criminals and businessman will keep looting this country as their birth right. So it is the duty of every resposible citizen to stand in support of PM Modi and fail the evil design of corrupt people to incite violence and create anarchy.

If we fail to do our duty today, our children and grandchildren will never forgive us, will hold us responsible for not giving them a clean India. If you agree, please send this message to all your contacts.

I am *NOT in Politics* and as of now, I have *no plans to get into Politics*, but there will be people who may consider this post to be Politically motivated. My *Humble apologies in advance.*

I was wondering why are so many people against our *Honourable Prime Minister Narendra Modi*. I noticed that this started after *Demonetization* and keeping that in mind, I was thinking who could be *people who will be affected by Demonetization*.

I was shocked to discover that here are following categories of people who will feel the impact more than anyone -

*1. Educational Institutions* - They used to get all Capitation fee in cash and most of it unaccounted.

*2. Terrorist Organisation* - Their Funding is under stress

*3. Fake Currency Dealers* - With stress on Digital Economy, they are under Major Stress

*4. Real Estate Mafia* - We all know that a Big Part of payment had to be made in Cash and now they find it difficult to account for unaccounted cash

*5. Hawala Dealers* - With almost all the money in account and a close watch on withdrawals, *they won't mind killing Modi*

*6. Fake Trusts and Charities* - They have been used for Money laundering and with the stopping of large donations by cash, they are unable to fulfill their primary agenda

*7. Politicians* - Less said, better it is. Just look at almost NIL SCAM in last 3+ years is a Proof that many Politicians including BJP members are unhappy with Modi. They expected Modi to be like earlier Prime Ministers and close his eyes.

*8. Rich Agriculture Land Owners* - With most of the subsidy connected to Bank accounts, they are getting exposed.

*9. Film industry* - It's a well known fact that it uses a lot of Black Money and except for Genuine Film makers, others are suffering.

*10. Sports & Other kind of Betting* - We know that gambling (Except Lottery) is banned and still there was a *turnover of USD 150 Billion*.

Please understand that *these industries employ some of the Most Brilliant minds* in the country and they will leave no stone unturned to make sure that Modi does not get a second term.

Now it's for us, *as responsible citizens, to decide whether we want to support the above 10 Categories of people or to support ourselves*.

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