Union Finance Minister, Arun Jaitely , has presented the budget for 2017-18, first of its kind with railway budget proposals incorporated with general budget, today,the 01-02-2017 in the Parliament. Expectations were high by a vast section of people to the effect that this time, it would be a people friendly budget, in the wake of the elections to five state legislatures for which the budget was advanced for one month and the sufferings of the people due to demonetisation. But all such hopes are belied and as usual, it is a pro-corporate budget.
Shri.Arun Jaitely, while in the opposition, has vociferously demanded the taxable limit of income should be raised to 5 lakhs, so also his party. But even in his 3rd general budget he has not made any hike in the ceiling. Instead, some relief is extended to lower income group of Rs. 2.5 lakh to Rs.5 lakh by reducing the rate of tax from 10% to 5%. This clearly indicates the intention of this government to keep up all the salaried income group in the ambit of income tax and spare the big sharks.
There can not be any discrimination in the case of concession. So the finance minister has given a 5% reduction in the corporate tax also.!