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Finance minister Arun Jaitley's union budget for the year 2018-19 has finally come to an end. While this time the budget has turned out to be a celebratory one for President, Vice President and members of parliament as they are getting a hike in their salaries, Jaitely once again left middle class disappointed by keeping income tax slabs unchanged. While presenting the budget in the parliament on Thursday, Arun Jaitley announced that there will be no change in personal income tax slab for salaried employees in the current fiscal year. However, he has some good news for the salaried class, as Jaitley announced that the standard deduction of Rs 40,000 has been increased in respect of transport allowance and reimbursement of miscellaneous medical expenses.
While presenting the last full Union Budget from the Narendra Modi-led NDA government before the 2019 general elections, FM Jaitely treated the members of parliament by doubling their salary amount. However, he said that this is a significant step to control the existing process of revision of salaries and payments of Members of Parliament but it seems the middle-class group is not satisfied with his move.
This new policy on salaries of lawmakers will effective from April 1. In his speech, he said: “The government is proposing changes in refixing salaries of Members of Parliament. Law will provide for automatic revision of emoluments of the MPs every 5 years indexed to inflation."
With the recently announced Union Budget, now the proposed amount will be increased by as mentioned below. Take a look:
1. President: 1.50 Lakh, Current Amount. While the proposed amount is 5 Lakh.
2. Vice President: 1.25 Lakh, Current Amount. While the proposed amount is 4 Lakh
3. Governor: 1.10 Lakh Current and proposed amount is 3.5 Lakh
Jaitley also proposed an inflation-linked revision of salaries of MPs in his budget speech.
Since middle class has high hope this time from Arun Jaitley to get some relaxation in the current tax slab, his move of increasing hike in the salaries of the president, vice president, and governor did not go down well with them. Some of the Twitterati took to their social media network to criticise Jaitley's 2018-19 Union Budget. Check out some of the reactions here:
#Budget2018 @republic please arrange tv debate on salary hike of MP's as u were barking like dogs when @ArvindKejriwal hiked salary of Delhi MLA's
A twitter handle goes by the name of Shitikantha Mohanty wrote: "Dolt politicians who shout n do no work going to earn more; salaried class those who toil earn gonna less. Now I understood GST & Note ban is effectively done for salary hike of @rashtrapatibhvn @VPSecretariat & MP's. Shame on your Govt. @narendramodi @arunjaitley #Budget2018."
Another user Rahul Jain wrote: "More Loot from common man benefits to corp, no tax slab change, hike salary to mp’s, reaping other political benefits. #Budget2018."
Dinesh Kumar (DK) wrote: "#Budget2018 - More #tax for Common People and improbable salary hike to MP's, MLA's, PM, President & Others. This is the Fate of middle class & working people in #India.
Not at all good."
So after checking out such reactions from the middle-class people, it is fair enough to say that Arun Jaitley has nothing to offer to the genuine taxpayers of India, as they are still suffering from the same issue. There was expectation from the government to raise the income tax limit from Rs 2.5 lakh per annum to Rs 3 lakh.
What do you think if 2018-19 Budget has something to offer to the middle-class people? Stay updated for more information.