‘Middle class not only benefits from income tax exemption, Chidambaram targeted the budget – Congress Leader Chidambaram Slams Budget Said Not Only The Middle Class but also the Rich will be done

During the budget session in Parliament, former Finance Minister P Chindambaram has questioned the recent budget of the central government. The Congress leader said that there is no vision in this budget but it was only inspired by the election. Referring to the reduction in income tax, he said that not only the middle class will benefit from this, but it will also benefit the rich.

Chindambaram targeted …

In the Rajya Sabha, Chidambaram said that the budget has the highest emphasis on the reduction in income tax, while only 3.2 crore people give income tax. The rest of the people fill the returns, but do not pay anything. The government has increased the tax exemption limit from 7 lakh to 12 lakhs. Chidambaram said that I estimate that 80-85 lakh people will be out of the tax purpose and about 2.5 crore people will benefit. He said that in this benefit, not only the middle class, but also the rich people.

He said, ‘These 2.5 crore people include not only the middle class, which was advocated by the Finance Minister with full enthusiasm, but it also includes 2,27,315 people who have filled the returns of more than one crore. This includes 262 persons who have filled more than 100 crores returns and 23 persons with returns of more than 500 crores. He insisted that this will not only benefit the middle class, but it will also give relief to the rich people from the rich.

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Chidambaram said that during the budget speech, Finance Minister Nirmala Sitharaman also claims that he has sacrificed ₹ 1 lakh crore. He then claimed that the Center’s net tax revenue would increase by 11.1% in 2025-26. The question is that after leaving ₹ 1 lakh crore in this budget, how does she claim that the net tax revenue by the Center will increase at the same rate of 11%? This can only be magic.

During this, Chidambaram said that my humble advice to the Finance Minister is not to depend on only one engine of development. There are other engines such as export and capital expenditure, which should be increased.

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Target on rising inflation

The former Finance Minister, citing government data, said that between 2012 and 2024, inflation of food items was 6.18%, education inflation was 11% and health services inflation was 14%. He said, ‘It has crippled Indian families. Domestic savings have fallen from 25.2 percent to 18.4 percent. He also surrounded the central government for not increasing the money of MNREGA and other schemes.