Salaried class pins hopes on I-T rebates in new Union budget

Ranchi: While the state's middle class, comprising mostly the salaried workforce, is looking with hope at the upcoming Union budget for exemptions in income taxes, the business community of the state is hoping for big-ticket announcements which could open up employment opportunities and bolster the state's economy.Souvik Mazumdar, a city-based banking professional, said finance minister Nirmala Sitharaman's move to revise the slabs for income taxes could help the middle class cope with inflation. "At present, the salaried class which earns between Rs 3 lakh and Rs 7 lakh have to pay income tax of 5% under the new regime. Families, which have annual incomes below Rs 8 lakh, are struggling to make ends meet. The slabs must be revised so that the lower income groups get relief," he said.Papiya Dey, a homemaker and a private professional, said indirect taxes on social welfare should be curtailed. "For instance, the Union govt does not provide the tax-paying class with social security covers. One who has to purchase medical insurance schemes has to pay 18% GST, which adds to the financial burden," she rued.Office-bearers of the Federation of Jharkhand Chamber of Commerce and Industries (FJCCI) said steps to commission a few more mineral-based industrial plants in Jharkhand could go a long way in the state's economic development. FJCCI vice-president Rahul Saboo said the Centre's push towards developing Jharkhand's tourism landscape was necessary.Lohardaga MLA Rameshwar Oraon, who served as the finance minister of the state between 2019 and 2024, said the Centre should impose heftier corporate taxes to increase its revenue. "While corporate taxes must be increased, lower income groups must get tax rebates. There should be newer projects to improve railway connectivity," he told TOI.He added, "As a state, we are hopeful that the Centre would give Jharkhand its dues on coal, other minerals and water (which is being used for mining and industrial purposes by PSUs)," he added.