The interim Union Budget presented on Friday evoked a mixed response in Mumbai, with some citizens calling it historic, while few others saying it was "disappointing" and meant to appease voters keeping upcoming elections in mind.
Finance Minister Piyush Goyal Friday presented the budget in the Lok Sabha. Among other things, the budget proposed to double the threshold tax exemption limit to Rs 5 lakh and increased the standard deduction to Rs 50,000 from Rs 40,000.
City-based chartered accountant Nagesh Dubey welcomed the budget saying its provisions will bring "achhe din".
"Steps taken for medical assistance to masses, education to all and cleanliness as revolution will surely improve the living standard. Tax relief to middle class and salaried class, emphasis on getting income tax returns processed within 24 hours are welcome steps that will bring 'achhe din' for the tax payers," he said.
Retired railway officer O P Sharma said senior citizens would benefit from the budget provisions.
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"The rebate of Rs 5 lakh given to the pensioners is the icing on the cake. Besides, TDS threshold on bank FD interest has been raised from Rs 10,000 to Rs 40,000. Nothing could have been better than this for elderly people," he said.
Preeti Kapadia, a homemaker from suburban Kandivali said the government has provided Rs 1,330 crore for the mission for Protection and Empowerment for Women.
"Besides, benefits of maternity leave of 26 weeks and Pradhan Mantri Matru Vandana Yojana for pregnant women will instill confidence among women," she said.
Pramod Harlalka, a resident of Bhayandar who works as sub-broker in the stock market, said raising of the income tax exemption limit to Rs 5 lakh was a political masterstroke of the government.
"A major portion of middle class will be much relieved as it will be now in a position to save roughly Rs 50,000 every year. This is a dream budget that have brought 'achhe din' for the countrymen," he said.
However, Rajiv Singal, a businessman from South Mumbai said that exemption in the income tax limit up to Rs 5 lakh was a mere 'jumla' (gimmick).
"We hope that other announcements don't end up like the one about Rs 5 lakh tax exemption did. People were on cloud nine, but returned to the ground when they learnt that this exemption was applicable to limited earners. Few other provisions indicate that the budget has been made to lure voters," he said.
Mukund Chitale, an office-bearer of Parle Tilak Vidyalay Association, said the government has succeeded in wooing voters through this budget.
"Hike in standard deduction and TDS threshold on interest from bank deposits, postal savings, exemption in capital gains from residential property sale and considering no income-tax on notional rent on second self occupied home are some of the provisions that will benefit people," he said.
Nirvaan Birla, Head of Business Development of Birla Edutech termed it as a "populist" budget.
"It was more of a populist budget. There was no specific mention of any new amendments or developments in the education sector," he said.
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