Govt should give more concessions to middle class in income tax: NCP's Praful Patel

Praful Patel. Pic/X@praful_patel

The government should offer more concessions to the middle class in Income Tax as an exemption limit of up to Rs 3 lakh is not enough, Nationalist Congress Party (NCP) leader Praful Patel said on Tuesday in the Rajya Sabha, reported news agency PTI.

Participating in a debate on the Union Budget 2024, Patel said, "Rs 3 lakh is a very small amount. If someone earns Rs 40,000 in a city like Delhi, it is a burden for him to pay even 5 per cent as income tax," reported PTI.

The Ajit Pawar-led NCP is an ally of the BJP-led NDA.

Patel said though the government is trying to widen the tax net after the implementation of GST, everyone is directly or indirectly paying tax.

"Now nobody in the country can say that he is not paying tax," he said adding "There should be some more concessions for a middle-class person to be able to make his necessities," reported PTI.

Patel further said the stock market has become a very effective means of investment for even the middle class. Now people have started looking at the stock market to make a little bit extra money as fixed deposits, etc are not giving that kind of return, reported PTI.

However, he suggested some caution in this and said in the budget some steps are taken for the 'futures and options' (F&O) segment.

Patel suggested that the government should take more such steps for F&O in the budget to protect the interests of small investors.

During the debate, RJD member Manoj Jha said the custom of pre-budget consultation with the delegations of cleaning workers, street hawkers, unemployed youths, small farmers, and even trade unions has stopped.

"On pre-budget consultation, I have seen meetings with industrialists and corporate houses," said Jha, reported PTI.

He demanded that the budget should be relooked from a common man's perspective as income inequality is on the rise in the country.

"I am not against the accumulation of wealth or rich people but against a vulgar display of wealth, which we have seen in recent years," he said, reported PTI.

On schemes such as MNREGA, Jha said Rs 86,000 crore has been allocated for the rural employment guarantee scheme, which is Rs 20,000 less than the actual expenditure of Rs 1.05 lakh crore on this scheme.

"This will delay in payment of wages and suppression of demand will happen," he said, adding it will affect the quality of construction, reported PTI.

Leader of House J P Nadda stated that it is a noteworthy achievement that after 60 years a prime minister has been chosen for a third consecutive term.

He noted that the election result is a mandate for stability, continuity, good governance and inclusive growth.

Terming the budget as "visionary", he said that it addresses the country's immediate needs and also takes care of long-term requirements, reported PTI.

Bhubaneswar Kalita of the BJP said the thrust of the budget is towards youth, poor, farmers, women, middle class and infrastructure development.

Dinesh Sharma of the BJP stated that the finance minister has presented a balanced budget that is focussed on making India a developed country, reported PTI.

Anil Sukhdeorao Bonde (BJP) spoke in favour of various government schemes including Agnipath.

Another BJP member Bhim Singh noted that this budget has come at a time when India's stature has grown in the world, reported PTI.

Participating in the discussion, CPI-M's A A Rahim attacked the government over the issue of price rise and unemployment, reported PTI.

He asked the government to fill the jobs lying vacant in the public sector.

Rahim also pointed out that his state Kerala has been completely neglected in the Union Budget, reported PTI.

Ajit Kumar Bhuyan (Independent) spoke about the deteriorating flood situation in Assam and the lack of government support for relief measures for the state, reported PTI.

A P Selvarasu of the DMK also participated in the discussion.

(With inputs from PTI)