East Delhi senior citizens unhappy with slash in IT rates
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East Delhi senior citizens unhappy with slash in IT rates

They said the reduction in personal income tax from 10 per cent to 5 per cent in the Rs 2.5 lakh-Rs 5 lakh bracket would make things tougher once their income crossed Rs 5 lakh.

East Delhi senior citizens unhappy with slash in IT rates

East Delhi residents have expressed their displeasure at the reduction in personal income tax from 10 per cent to 5 per cent in the Rs 2.5 lakh-Rs 5 lakh bracket. The change, they say, does not benefit senior and super senior citizens.

"People with annual income up to Rs 5 lakh will be only charged 5 per cent, but the moment someone's salary crosses Rs 5 lakh, there is a sudden jump of 15 per cent in tax rates," said Sanjeev Jayaswal, a senior chartered accountant and a resident of Mayur Vihar Phase I Extension. "This will not be easy for the middle class."

MM Khatri, secretary of IP Extension group housing society federation, said, "Our federation will organise an open-house meeting to discuss the annual budget in the next couple of days. We organise such meetings every year to enable residents to discuss pros and cons of the annual budgets of both Central and Delhi government."          

Anil Pandey, a resident of a housing society in Vasundhara Enclave, said, “This annual budget seemed like an attempt to revive the economy after demonetisation. Limiting cash transactions up to Rs 3 lakh is a clear indication of the fact that the market is still reeling from the effect of demonetisation."