Mumbai, Feb 29 (UNI) The common man has welcomed Finance Minister P Chidambaram's decision to raise the income tax slab in various categories.
The raise in income tax slab from Rs 1.1 lakh to Rs 1.5 lakh has made many people happy.
Sunil Kumar Jain, who runs a metal shop in Central Mumbai said, ''It is a very good decision as Rs 1.1 lakh comes to less than Rs 10,000 per month, which is the least a person earns in the city.'' He added that a person who is earning a few lakhs annually should be made to pay higher taxes and not the one who is earning his basic salary.
Kamlesh Kumar, who trades in fan and mixer parts at Sion in Central Mumbai said, ''The tax slab increase was expected as the elections are nearing and the government had to announce something to make the common man happy.'' Sanjay Shah, a diamond trader from Panchratna, said, ''The Budget is good for the common man and the senior citizens, but more sops should have been given to the youth as they form a majority of the population.'' Ashwin Mehta, who runs a diamond business, said that the Budget favoures the farmers and the rural areas in comparison to urban, and all the sops have been given to the farmers keeping an eye on the elections.
The increase in the income tax slab for women from Rs 1.1 lakh to Rs 1.8 lakh has elated the women work force.
Aarti Joshi (26), who is working as a public relation manager with a multi-national firm, said, ''The tax slab will help us to increase our savings and is a big boost for women, who are working in the corporate sector.'' Sandhya S (28), who is working in the media industry, said, ''The increase in the tax slab for women will help them save some taxes as the annual income in the service industry has gone up in the last few years.'' The Finance Minister has raised the tax slab for senior citizens from Rs 1.95 lakh to Rs 2.25 lakh, which has brought a smile on their faces.
Laxmi Narayan Singh, a business man from Zaveri Bazar, said that the increase in the tax slab for the senior citizens is a good sign for them and will encourage them to do more business.
He added that there are many people like him, who are satisfied with the budget as it will help him to manage his savings.
Roshan Kumar, who is into part-time real estate business in Central Mumbai, said, ''I earn money through brokerage from banks and clients and the increase in the tax slab is good for me as I earn brokerage money in addition to the interest from my savings in the bank.'' UNI JN NM RL ND1614