Name: Venkat Rangam K.
Profession: Director (Finance) at a management consulting company
Family members: 5
Monthly income: ₹5 lakh
I am glad that there has not been an increase in direct taxes or long-term capital gains tax. I welcome the move as it does not increase the burden of entrepreneurs, who have already suffered huge losses. There has not been any change to corporate income tax as well.
It is a relief that a COVID-19 cess or additional taxes have not been levied. Instead, the Union government has opted for reforms and disinvestment. This is a major push for growth, especially in the areas of infrastructure and manufacturing.
Reforms in tax assessment and the filing of Income-Tax returns, and the exemption of senior citizens aged above 75 from having to file I-T returns are moves in a favourable direction.
Such measures would benefit tax-compliant people. I would rate it as a fairly balanced Budget, given the challenges the country is facing and the fact that the government is not taking more tax from me.
The Budget announcement on increasing foreign direct investment in insurance companies would boost the sector. My company, which is dependent on the insurance sector, would have better growth opportunities.
While it is a good move to announce several infrastructure projects, implementation at the ground level would prove to be a challenge. COVID-19-related issues, which crippled growth, may resurface as the pandemic is not over yet. But the Budget did not have a mention of any contingency plan to tackle the post-COVID-19 scenario.
(As told to K. Lakshmi)