Did you have any particular constituencies in mind while preparing the Budget?
I don’t think I had any specific constituency in mind. I didn’t go through a sectoral approach where I have to do something for a sector or industry. We were looking at the economy at large and the macro-economic fundamentals being what they are, how are we going to move forward.
What were the assumptions behind the₹40,000 crore income tax revenue forgone?
That’s based on an approximate calculation. You have a taxation regime with over 120 exemptions. I’m an honest taxpayer and want to pay tax. From the income I get after availing all exemptions available to me which is my right, I can pay this much tax. I pick up a few exemptions for which I can spend money. As a department I will know how much you pay after exemptions used. But it would be very difficult for me to estimate from this, how many would find it beneficial to come into the new regime. If the taxpayer sees benefit in moving to the new one this is what I will forgo. That is the approximation we have done.
The rich are saying that the government wants us to create wealth, yet we are the most taxed...
This story is from the February 23, 2020 edition of Business Today.
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This story is from the February 23, 2020 edition of Business Today.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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