Corporate Biased Budget, Nothing to Generate New Employment

Amritsar, February 1 (Punjab Post Bureau)- 2017-18 Budget is a corporate biased budget. No justification to reduce the Income Tax to 25% of  corporate having there turnover below Rs.50 crores when in this category 96 percent of the companies are falling.

The Budget is already having unfavourable GDP and Tax ratio. Senior Fellow Indian Council of Social Sciences New Delhi and Writer Dr. S.S Chhina said though 1.87 lakhs crores of rupees will be spent for rural and agriculture sector i.e. 24 percent higher then the last year there is nothing to shift the agricultural population from agriculture to Industrial Sector by generating new employment avenues particularly in the Agro based Industries. Otherwise also nothing is visible for employment generation that is the dire need of the time.                                    It was expected to raise the number of Income Tax Salb by small concession is given to the persons having there income between Rs.2.5 to Rs.5 lakh but a person with Rs.2.5 lakh has to pay Income tax @ 5 percent though it is difficult household needs with this much of income.