Budget for the Millennials!
The common man looks to the budget to find out as to how much money is left in his pocket by the Budget. This Budget by delinking the tax outgo from tax-saving investments has precisely answered this question. You don’t need to park your money in some investments (which you are not very inclined to make) solely in order to save tax. You can have the freedom to do anything with your money as you choose. That’s a millennial thing to do!
The most striking point about the FM’s speech is heavy emphasis on personal income tax. She appeared to be concerned with the common small taxpayers running after tax advisors and sought to solve that problem. Since GST is largely dealt by GST Council, naturally, Income tax was the most important thing in the Budget of this year.
The Budget has introduced a New Simplified Personal Income Tax Regime. This regime brings the freedom to choose for individual and HUF taxpayers. In case you wish to pay tax as per old rates, you can do that. In other case if you wish to pay tax as per the new simplified and low rates, you can do that as well. The only differentiating point is, whether you wish to make tax-saving investments which bind your money or you wish to have a choice floating in the air for you as and when required. Yes, it’s about the freedom to choose use of your money.
Taxbuddy.com enables you to fulfill the objective of FM in her Budget i.e of not running after the tax advisors to do your tax compliance. Powered by its end to end services on tax matters, you don’t need to go anywhere. And accuracy in tax compliance is our most important value.