Thread:
#BudgetSession2024
In this Budget, #Modi Sarkar has focused on employment, skilling, MSMEs & the middle class.
Not going to speak much on #Budget prov. for Infra & other sectors as a common man is mainly interested in only tax provisions & tax benefits.
1/21
#BudgetSession2024
In this Budget, #Modi Sarkar has focused on employment, skilling, MSMEs & the middle class.
Not going to speak much on #Budget prov. for Infra & other sectors as a common man is mainly interested in only tax provisions & tax benefits.
1/21
We must need to understand that not only direct tax, but many indirect factors affect/benefit Middle-class.
1. Employment Opportunities-
PM package of 5 schemes focuses on employment & skilling for 4.1 Crore youth over a 5-yr period with central outlay of â‚ą2 Lakh Crore.
2/21
1. Employment Opportunities-
PM package of 5 schemes focuses on employment & skilling for 4.1 Crore youth over a 5-yr period with central outlay of â‚ą2 Lakh Crore.
2/21
This year, provision of â‚ą 1.48 Lakh Crore has been made for education, employment and skilling.
5 Package schemes proposed are as follows!
1st Scheme is for First Timers. Will provide one-month wage to all persons newly entering the workforce in all formal sectors.
3/21
5 Package schemes proposed are as follows!
1st Scheme is for First Timers. Will provide one-month wage to all persons newly entering the workforce in all formal sectors.
3/21
2nd Scheme is for Job Creation in manufacturing where incentive will be provided at specified scale directly both to employee & employer with respect to their EPFO contribution in 1st 4 yrs of employment. Won't creation of new job opportunities benefit Middle-
class?
4/21
class?
4/21
3rd Scheme will cover additional employment in all sectors. All additional employment within salary of â‚ą1 lakh p.m. will be counted. #Modi Sarkar will reimburse to employers up to â‚ą 3000 per month for 2 yrs towards their EPFO contribution for each additional employee.
5/21
5/21
4th scheme is for skilling in collaboration with State Govts & Industry, to skill-up 20 Lakh youth over 5-yr period.
5th scheme sees Govt launching a comprehensive scheme for providing Internship opportunities in 500 Top companies to 1 Crore youth in 5 yrs
6/21
5th scheme sees Govt launching a comprehensive scheme for providing Internship opportunities in 500 Top companies to 1 Crore youth in 5 yrs
6/21
Now let's move ahead to other provisions in #Budget2024 which'll help especially Middle-class.
•To help youth who've not been benefitted under any Govt initiatives, financial support for loans upto ₹ 10 Lakh for higher education in Domestic Institutions to be provided.
7/21
•To help youth who've not been benefitted under any Govt initiatives, financial support for loans upto ₹ 10 Lakh for higher education in Domestic Institutions to be provided.
7/21
E-vouchers for this purpose will be given directly to 1 Lakh students every year for annual interest subvention of 3% of loan amount.
Doesn't it reduce cost of education of our children? Doesn't it benefit Middle-class who're going to be main Beneficiaries of this? Think.
8/21
Doesn't it reduce cost of education of our children? Doesn't it benefit Middle-class who're going to be main Beneficiaries of this? Think.
8/21
• To promote women-led development, #Budget carries allocation of ₹ 3+ Lakh Crore for schemes benefitting women.
• Mudra loans limit to be enhanced to ₹20 lakh from present ₹10 lakh for entrepreneurs who've regularly repaid earlier loan under 'Tarun' Category.
9/21
• Mudra loans limit to be enhanced to ₹20 lakh from present ₹10 lakh for entrepreneurs who've regularly repaid earlier loan under 'Tarun' Category.
9/21
Now pls tell me, aren't these women & children from Middle-class families? Self-employment Opportunities to them don't add quality to life of Middle-class?
These are indirect benefits which we normally never take into consideration. But we should! Don't you think so?
10/21
These are indirect benefits which we normally never take into consideration. But we should! Don't you think so?
10/21
Now Direct Benefits!
• To bolster start-up eco-system & entrepreneurial spirit and support innovation..angel tax for all investors is abolished.
•To⬆️social security benefits, deduction of expenses for employers towards NPS is⬆️from 10 to 14% of Employee’s salary.
11/21
• To bolster start-up eco-system & entrepreneurial spirit and support innovation..angel tax for all investors is abolished.
•To⬆️social security benefits, deduction of expenses for employers towards NPS is⬆️from 10 to 14% of Employee’s salary.
11/21
Higher contribution by employer to NPS will ultimately benefit employees adding to their retirement benefits. Middle-class not benefited?
• Under New Tax Regime, standard deduction for salaried employees is proposed to be increased from ₹50000/- to ₹75000/-.
12/21
• Under New Tax Regime, standard deduction for salaried employees is proposed to be increased from ₹50000/- to ₹75000/-.
12/21
•Deduction on family pension for pensioners is enhanced from ₹ 15,000/- to ₹ 25,000/-. This will provide relief to about 4 Crore salaried individuals & pensioners. No benefit to Middle-class?
•New Tax Regime slabs:
0-3 lakhs-Nil
3-7 Lakhs-5%
7-10 lakhs-10%
13/21
•New Tax Regime slabs:
0-3 lakhs-Nil
3-7 Lakhs-5%
7-10 lakhs-10%
13/21
10-12 lakhs - 15%
12-15 lakhs - 20%
above 15 lakhs- 30%
As a result of these changes, a salaried employee in New Tax Regime stands to save up to â‚ą 17500/- in income tax.
Ohhh. Now you will say, How can 30% be called relief to Middle-class?
Very True. But...
14/21
12-15 lakhs - 20%
above 15 lakhs- 30%
As a result of these changes, a salaried employee in New Tax Regime stands to save up to â‚ą 17500/- in income tax.
Ohhh. Now you will say, How can 30% be called relief to Middle-class?
Very True. But...
14/21
How can be anyone earning more than â‚ą15 Lakh be called "Middle-class"? Pls answer this 1st before dissenting on 30%.
• Under PM Awas Yojana URBAN 2.0, housing needs of 1 crore Urban Middle-class families will be addressed with an investment of ₹ 10 Lakh Crore.
15/21
• Under PM Awas Yojana URBAN 2.0, housing needs of 1 crore Urban Middle-class families will be addressed with an investment of ₹ 10 Lakh Crore.
15/21
This will include central assistance of â‚ą 2.2 Lakh Crore in next 5 yrs. A provision of interest subsidy to facilitate loans at affordable rates is also envisaged.
So affordable housing at affordable interest won't benefit Middle-class?
16/21
So affordable housing at affordable interest won't benefit Middle-class?
16/21
Let's come back to children of Middle-class families!
• #Modi Sarkar is offering internships to 1 Crore young people at 500 leading companies, with stipend ₹5000/month & a one-time ₹6000 support. Skill Development + Stipend opening door for future permanent jobs...
17/21
• #Modi Sarkar is offering internships to 1 Crore young people at 500 leading companies, with stipend ₹5000/month & a one-time ₹6000 support. Skill Development + Stipend opening door for future permanent jobs...
17/21
•5% TDS rate on many payments is being merged into 2 % TDS rate & 20% TDS rate on repurchase of units by mutual funds or UTI is being withdrawn. Won't that make more cash at disposal in hands of Middle-class? This isn't a benefit?
18/21
18/21
Let's not forget GST regime introduced by #Modi Sarkar has helped stabilisation of prices of consumer goods compared to Old Indirect Tax Regime. Now, Govt has reduced Custom Duty on Mobiles & accessories to 15% and on Gold & Silver to 6% which'll bring down their prices.
19/21
19/21
What I can't support are...
1. LTCG on listed securities hiked from 10 to 12.5% though exemption limit⬆️to 1.25 Lakh from 1 Lakh.
2. STCG on listed securities⬆️to 20% from 15%
3. LTCG on other assets⬇️to 12.5% from 20%, but without indexation benefit. That's too bad!
20/21
1. LTCG on listed securities hiked from 10 to 12.5% though exemption limit⬆️to 1.25 Lakh from 1 Lakh.
2. STCG on listed securities⬆️to 20% from 15%
3. LTCG on other assets⬇️to 12.5% from 20%, but without indexation benefit. That's too bad!
20/21
Pls note that I haven't even focused on Capex of #Modi Sarkar in #Budget2024 nor on benefits to industry & all. Reason being that common man is bothered only about Tax Benefits without thinking on what are other indirect benefits reaching him & his future generation. I don't blame him/her for it, but can atleast urge them to go through this entire thread & give a thought to understand....Middle-class is not deserted by FM .@nsitharaman Ji. She has just made combination of Direct & Indirect benefits. But I also urge her to rethink on changes in Capital Gains Tax.
Thank you for patiently reading the long thread.
21/21
I request you to retweet max as my account is heavily reported to kill my reach for exposing lies & agenda of Anti-Bharat forces. So pls retweet max if you agree with my above information. We can break such False Narratives ONLY by showing unity. Thank all in advance 🙏
Thank you for patiently reading the long thread.
21/21
I request you to retweet max as my account is heavily reported to kill my reach for exposing lies & agenda of Anti-Bharat forces. So pls retweet max if you agree with my above information. We can break such False Narratives ONLY by showing unity. Thank all in advance 🙏
Loading suggestions...