Easier personal income tax slabs, tax reduction on long-term infrastructure bonds, higher social sector spending and lower fiscal deficit.
Budget 2010-11 could be perfect — well, almost.
The imminent hike in fuel prices, over which the opposition staged an unprecedented walkout from Parliament during the Budget speech, has left a bitter taste among the masses.
Speaking to a cross-section of people across India, Hindustan Times discovered that most are thrilled by the tax sops that will leave them with more money to spend at both the shopping mall and the stock market.
However, many wish the slabs were higher as it would leave the middle class with more money in hand.
The additional deduction of Rs 20,000 allowed on long-term infrastructure bonds for income tax payers will not only boost savings, but also give a fillip to the infrastructure sector, feel some. This will mean better roads and transport facilities, which will eventually lead the nation to prosperity, many say.
But the possible hike in petrol and diesel prices has deprived the nation of the ‘feel good’ factor. As Pravir Kapoor, a Mumbai-based businessman said, “Fuel price rise will push prices of goods and commodities further.”