Union budget-2018: There’s something for everyone, say Chandigarh residents | punjab | chandigarh | Hindustan Times
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Union budget-2018: There’s something for everyone, say Chandigarh residents

Balancing aspirations: The salaried class welcomes Rs 40,000 standard deduction, senior citizens hail the move to exempt income from bank, post office savings from tax net till Rs 50,000 and slash in corporate tax rate to 25% for firms with annual turnover upto Rs 250 crore

punjab Updated: Feb 02, 2018 12:25 IST
Team HT
Team HT
Hindustan Times
Union budget,budget-2018,Chandigarh residents
People watch finance minister Arun Jaitley present the Union Budget at a TV showroom. (Vipin Kumar/HT)(HT Photo)

From small-scale businessmen to a retired principal, we talk to various Chandigarh residents about the Union budget-2018 and its impact on the salaried class as well as business owners.

Ramandeep Singh with his family at Phase 10 in Mohali. (Keshav Singh/HT)

‘Long term capital gains tax will hit us’

Ramandeep Singh, 38, works at Aditya Birla Sun Life mutual fund

Wife: Kanchan, 35, works with IDP education India Pvt Ltd

Daughter: Gunkirat Kaur, 8, Class 3, YPS

Annual income: Rs 15 lakh

What, for you, are the highs and lows of the budget?

Budget seems good. Although there’s no change in tax slabs on income tax, standard deduction of Rs 40,000 under transportation and medical has been provided. For senior citizens it’s good that they will not be taxed on fixed deposits interest till Rs 50,000. It will also boost rural farm income.

Will the budget proposals affect the way you invest?

No.The budget has taxed long term capital gains at 10%. I am still saving 10 to 20% as compared to the FD, which gives far below return.

Will your disposable income be increased or decreased now?

It willincrease

Do the tax proposals meet your expectations?

No, but I am okay with this budget. The health insurance given to poor is very good. But need to see its implementation. Rebate on medical expenses is also good.

One thing you would like to do before the budget proposals come into force?

Nothing special. I believe I will be hit by long term capital gains in equity but it is still the best option vis-a-vis real estate or FDR.

Mohali, India February 01, 2018:: Ashok Dhalwal with family at Phase 10 in Mohali on Wednesday, 01 February 2018.Photo by Keshav Singh/Hindustan Times.

‘Nothing much for the common man’

Ashok Kumar Dhalwal, small scale businessman

Wife: Lata Rani Dhalwal, schoolteacher

Two children: Ajay Dhalwal, Shivani Dhalwal

Annual income: Rs 6 lakh

What, for you, are the highs and lows of the budget?

The salaried class is just hand-to-mouth and there is nothing much for us in the budget. Employment is a major issue for the youngsters, but it has not been touched upon in the budget.

Will the budget proposals affect the way you invest?

There is no chance for further investment. I have to pay my housing loan, college fees for my children among other expenses. So, where is the scope for investment.

Will your disposable income be increased or decreased now?

I feel there is going to be no change. Whatever the cost and expenditure is going on now, it will continue. The budget will not have any effect.

Do the tax proposals meet your expectations?

Income tax slab is the same as earlier. There is no change and I am not happy with the budget. The key investment factors are railways, airports, infrastructure, health care and farmers , but nothing much has been given to the common man.

One thing you would like to do before the budget proposals come into force?

There is no spare money with us that we plan to spend. Whatever we need, we buy.

Vinod Kumar Sharma (centre) with his family in Panchkula. (HT Photo)

‘Budget is good for senior citizens’

Vinod Kumar Sharma, retired principal, GMHS-34

Annual income: Rs 4.8 lakh

What, for you, are the highs and lows of the budget?

I did not find any low in the budget in terms of senior citizens or the pensioners. The good point rather is that the government has increased the slab limit of keeping the money in the FD. Now, even non-pensioners can keep Rs 50,000 in the FD.

Will the budget proposals affect the way you invest?

The interest rate on savings is low as it is but we cannot do anything on that. I will invest in the real estates and otherwise investing in mutual funds is also a better option.

Will your disposable income be increased or decreased now?

The income will definitely increase now. There are better chances for the senior citizens and the pensioners as there is a deduction on the taxes and an increase in the limit of keeping the savings in account.

Do the tax proposals meet your expectations?

We were expecting much more deductions in taxes, but, there will be a relief for senior citizens. We’ll have to pay less taxes now.

One thing you would like to do before the budget proposals come into force?

I’ll prefer putting my money into an FD account, where I will be secured at the time of any emergency and also as per the requirements, I would like to invest in real estate.

Arun Grover, CMD, Amartex Group, in Panchkula. (Sant Arora/HT)

‘Cut in corporate tax a welcome move’

Arun Grover, chairman of Amartex Industries Limited

Annual turnover: Rs 125 crore

What, for you, are the highs and lows of the budget?

5% decrease in corporate taxes for companies falling under Rs 250 crore revenue, major push to farmers’ income and then several saving benefits for the senior citizens are some of the major highs in this budget.

Will the budget proposals affect the way you invest?

I own a company that deals in consumer products, garments and food business. The budget will make more income with farming community that comprises 70% of our population. This will give a major push to consumption and generation of more demand in the market. This means an ideal opportunity to invest more in the future.

Will your disposable income be increased or decreased now?

I have annual turnover of nearly Rs 125 crore. 5% cut in corporate tax means more disposable income to further invest in my firm and create more jobs.

Do the tax proposals meet your expectations?

I give it 8 out of 10. I don’t know why they did not decrease income tax slabs for individuals, but overall budget is pro farmer and pro industry.

One thing you would like to do before the budget proposals come into force?

Nothing immediately, but I will increase my production as consumption grows in the market.

First Published: Feb 02, 2018 12:24 IST