Budget Special 2017: 'Expected more cuts in income tax rates'
Dhaval Shah along with his wife and daughter
Be it income tax rates or grocery expenses, the Union Budget has left this Andheri-based Shah family yearning for more. Dhaval Shah (34), who stays with his wife Zarna and five-year-old daughter Vivah in Lokhandwala, had expected the income tax rates to drop more. However, what they are happy about is that the benefits rolled out to farmers would bring down their grocery expenses.
The Shah family has an average monthly income of around Rs 2 lakh. Their monthly expenditure is around R60,000, which includes grocery worth Rs 25,000, recreational expenses of Rs 15,000 and a fuel bill of Rs 8,000.
Not much relief
Speaking to mid-day, Dhaval, who owns a business of manufacturing plastic moulds said, "Barely any relief has been provided for people having an income more than Rs 5-10 lakh. We expected the income tax rates to be slashed more. However, reduction in the income tax is a step in the right direction, as it will encourage more people to come under the taxation system. But what about those earning more? They have been sidelined."
Quicker tax returns
"The only relief for business owners, who have a turnover of less than Rs 50 crore, is that the tax has been reduced from 30% to 25%. Fortunately, I fall under this category. Also, an upper limit of 12 months has been imposed on tax returns, which means that now we'll not have to bribe IT officials to get our returns on time, or wait for them to slowly process the paperwork. They will have to do it within the stipulated time," he added.
Nothing for recreation
When asked how the budget would impact their recreational expenses, Dhaval said, "The budget does not point at any visible impact in this section. We hope that once the GST is rolled out in the Parliament, it will reduce the burden of these expenses."
Zarna Shah (34), who is a dietician and sports nutritionist said, "With major benefits rolled out to farmers, I expect the grocery bill to go down considerably. Over the last two years, prices of dal and other vegetables/pulses have sky rocketed, burning a hole in the pocket of middle class families. With an average spending of R25,000 per month on groceries, I expect a 15% drop in the expenses. This will definitely provide a lot of relief."