The income tax rebates announced in the Union Budget on Wednesday evoked a mixed response from the city’s youth.
While some said the increase in the rebate limit would leave them with more disposable income, others said more needs to be done to create better employment opportunities in the Capital.
For Abhilasha Shibu, 27, a teaching fellow, the reduced tax burden has brought much needed relief. “I feel that young professionals will be more relaxed about paying taxes now. I see no downside to the new tax regime. I think this is a good time to focus on one’s savings,” she said.
However, for P. Suraj, 29, who works as a chef, the Budget did not offer any hope for better employment.
“I have to travel to Gurugram for work because there are few opportunities for me in Delhi. The increase in the rebate limit does not matter in my case because my annual salary has not gone beyond ₹4 lakh,” said Mr. Suraj.
A similar sentiment was expressed by Sree Kumar, a city-based musician, whose earnings took a hit after the pandemic. He said the Budget did not offer him much as his income was under ₹4 lakh.
Union Finance Minister Nirmala Sitharaman announced an increase in the income tax exemption limit from ₹5 lakh to ₹7 lakh on Wednesday .
Several young professionals in the city said that sky-high rents, travel and other expenses did not leave them with enough disposable income. They added that the increase in the income tax rebate would allow them to invest more money in their future. “Ever since I moved here, I have been unable to save much, let alone send money to family back home. I think I will now be in a better position to invest more,” said Shashank Upadhyay, 25, who stays in Lajpat Nagar and works with an advertising agency in Gurugram.
Published - February 02, 2023 01:21 am IST
