The family can finally invest in a life insurance policy as their breadwinner's Rs 3 lakh income has been exempted from tax
Trupti and Arun Tripathi watch the announcement of the Union Budget. Pic/Nimesh Dave
For the Tripathi family, it's finally time to have that life insurance policy they have been waiting for. Amar Tripathi (54) who is the breadwinner of the family works as a concept writer in a private firm.
With an annual income of Rs 3 lakh he can now save his income tax, as the government has now halved income tax rates to 5 per cent for those earning between Rs 2.5 lakh to R5 lakh per annum. With this, those earning Rs 3 lakh will be exempt from paying the tax.
"In the past, we have always stayed away from life insurance policies because we would have nothing left in hand. So we are happy that people earning under R3 lakh won't have to pay income tax," he said.
However, Amar, who has two daughters, is unhappy with the government announcing two new AIIMS campuses in Jharkhand and Gujarat but not reducing the cost of education. He spends R65,000 on his children's education per year.
"What is the point of getting more and more campuses when nobody can afford them? I cannot dream of sending my younger daughter to an AIIMS as the fees are completely unaffordable. So how does it really help the common man?" said Amar. His wife Trupti (52) wishes the government had provided tax exemptions for women in this budget, so that she could save up for her family.
However, with the farmers getting sops in the budget, the family expects cheaper vegetables and pulses. They spend around R4,000 per month on groceries and hope that the ample benefits given to farmers could translate in lesser prices of groceries.
Amount the family spends annually on education