Business
Many waited in anticipation for the Income Tax caps, after the finance minister put out some interesting numbers regarding Indians paying tax
Updated : Mar 22, 2018, 06:23 AM IST
Union Finance Minister Arun Jaitley presented the 2017 Budget amidst a lot of anticipation. This was, after all, the first budget presented after Prime Minister Narendra Modi announced the demonetization of Rs 500 and Rs 1000 notes would be discontinued on November 8. Amidst the anticipation, people took to Twitter to share the funny side of the 2017 budget.
Here's what people tweeted
The Parliament right now reminds me of our school days where we all made noise demanding free period.. #Budget2017
— Dhairya Ingle (@dhairya_001) February 1, 2017
@mojorojo Superb budget, great timing, he read the line and length very well, dispatched over long off, glorious shot.
— Deepak (@chuck_gopal) February 1, 2017
Every Year:
— PhD in Bak!! (@Atheist_Krishna) February 1, 2017
Pic 1: Common man before budget.
Pic 2: Common man after budget.#Budget2017 pic.twitter.com/lVc0jN67zF
The budget is transformative:
— Sorabh Pant (@hankypanty) February 1, 2017
It transforms taxes into election campaigns.
Everyone into economists.
And CAs into Gods.#Budget2017
Reactions ready before #Budget2017
— AamAadmi (@confabber) February 1, 2017
BJP: Pathbreaking
Pappu: Anti-Poor
CPI: Anti-India
AAP: Nothing for Middle Class #jaitley
#Budget2017 watching and trying to understand
— Sriya Reddy (@sriyareddy) February 1, 2017
99% of Indians watch budget to know - Cigarette, Daaru, Gutka got expensive or its the same. #Budget2017
— Aamir Khan (@Aamlr_Khan) February 1, 2017
Rahul Gandhi right now.. #Budget2017 pic.twitter.com/cATMMBxHQO
— LolmLol (@LOLiyapa) February 1, 2017
Raga budget samajhne ki koshish karte huye #Budget2017 pic.twitter.com/q14HHhuH5C
— Delhi se hu bhench*d (@delhichatter) February 1, 2017
As per FM, PM has already announced the budget on 31st dec #Budget2017
— Shah Neman Quadri (@Neman_Quadri) February 1, 2017
Hope Arun Jaitely allocates 1000 Crores to Shirish Kunder, Sajid Khan and RGV so that they don't need to make any movies ever. #Budget2017
— Kishor (@kishoreshack) February 1, 2017
Saving money before the cigarette price gets hiked again. #Budget2017 pic.twitter.com/1CFFi8P1EA
— The-Lying-Lama (@KyaUkhaadLega) February 1, 2017
#Budget2017
— Ramesh Srivats (@rameshsrivats) February 1, 2017
We propose to abolish the Foreign Investment Promotion Board.
Why?
Er... to promote foreign investment.
Have paid taxes for 16 years.
— Sorabh Pant (@hankypanty) February 1, 2017
Come on, Arun Jaitley: give Customer Rewards!
Jet Airways, Starbucks, even CCD has it.
5% rebate bhi chalega.
Smokers during the budget speech pic.twitter.com/xG3a0f6mAP
— Aladdin (@Alllahdin) February 1, 2017
Every budget, the cost of cigarettes keeps rising. Soon the cost of one cigarette will be more than the total cost of cancer treatment
— The Bad Doctor (@DOCTORATLARGE) February 1, 2017
Railway budget served within the #Budget2017 is like serving chocolate sauce with Gajjar ka Halwa and Vanilla Ice Cream
— Atul Khatri (@one_by_two) February 1, 2017
T-2679 Congrats Arun Jaitely ji on a presenting the nation with a great budget. Badummmmbaaa. #Budget2017 pic.twitter.com/TQ3SMhgOnb
— The-Lying-Lama (@KyaUkhaadLega) February 1, 2017
Arun Jaitely ji, we congratulate you on this great #Budget2017 . Especially for the 48k crore allocation to MNREGA.
— Abhishek Bachchan (@juniorbacchhan) February 1, 2017
Regards
Dino,Uday,Abhi
American budget:
— Champ McLovin (@BolshoyBooze) February 1, 2017
- Allocate 50% to defence
- 12% to Healthcare
- 5% to education
Indian budget
- Cigarette mehengi kardo bc
This year tax payers have higher expectations from Arun Jaitley than parents have from kids in 10th exam
— EngiNerd. (@mainbhiengineer) January 31, 2017
I won't understand the budget. I want the budget to understand me. :')
— udnan (@nandu) February 1, 2017
Finance Minister Arun Jaitley placed before Parliament some revealing data indicating that India's direct tax collection is not commensurate with the income and consumption pattern of the economy.
Among the 3.7 crore individuals who filed tax returns in 2015-16, 99 lakh showed income below the exemption limit of Rs 2.5 lakh per annum; 1.95 crore showed income between Rs 2.5 lakh and Rs 5 lakh; 52 lakh showed income between Rs 5 lakh and Rs 10 lakh, and only 24 lakh people declared income above Rs 10 lakh.
Of the 76 lakh individual assessees who declared income of above Rs 5 lakh, 56 lakh are in the salaried class. The number of people showing income more than Rs 50 lakh in the country is only 1.72 lakh, Jaitley said while placing before "certain data" to indicate that "direct tax collection is not commensurate with the income and consumption".
"We can contrast this with the fact that in the last five years, more than 1.25 crore cars have been sold, and number of Indian citizens who flew abroad, either for business or tourism, is 2 crore in the year 2015," he said.
He said India's tax to GDP ratio is very low, and the proportion of direct tax to indirect tax is not optimal from the view point of social justice.
Jaitley informed that as against estimated 4.2 crore persons engaged in organised sector employment, the number of individuals filing return for salary are only 1.74 crore.
As against 5.6 crore informal sector individual enterprises and firms doing small business, the number of returns filed by this category is only 1.81 crore.
"Out of the 13.94 lakh companies registered in India upto March 31, 2014, 5.97 lakh companies have filed returns for Assessment Year 2016-17. Of the 5.97 lakh companies which have filed returns for Assessment Year 2016-17 so far, as many as 2.76 lakh companies have shown losses or zero income," the Finance Minister said.
Only 2.85 lakh companies have shown profit before tax of less than Rs 1 crore, 28,667 have shown profit between Rs 1 crore to Rs 10 crore, and only 7,781 companies have profit before tax of more than Rs 10 crore.
"After demonetisation, the preliminary analysis of the data received in respect of deposits made by people in old currency presents a revealing picture.
"During the period November 8 to December 30, 2016, deposits between Rs 2 lakh and Rs 80 lakh were made in about 1.09 crore accounts with an average deposit size of Rs 5.03 lakh. "Deposits of more than Rs 80 lakh were made in 1.48 lakh accounts with average deposit size of Rs 3.31 crore. This data mining will help us immensely expanding the tax net as well as increasing the revenues, which was one of the objectives of demonetisation," the Finance Minister said.