Thread by @MukulAgarwal66

The budgets presented by Finance Minister Arun Jaitley so far have been marked by one stark trend — taxing the rich to give out to the middle class

Jaitley's first budget presented in July 2014 was a balm for the middle class. He gave respite to the common taxpayer battered by high inflation during the previous UPA government by raising the the minimum basic tax exemption limit from Rs 2 lakh to Rs 2.5 lakh.

The limit for senior citizens was increased from Rs 2.5 lakh to Rs 3 lakh. In a relief for small investors, the limit on investments under Section 80C was increased from Rs.1 lakh per individual per annum to Rs.1.5 lakh.

Home loan seekers also got a respite as the interest on loan amount allowed to be deducted from total income was increased from Rs.1.5 lakh to Rs.2 lakh.

In his 2015-16 budget Jaitley punished the super rich by abolishing the wealth tax and replacing it with an additional 2 % surcharge from 10% to 12% on taxable income above Rs 1 crore for individuals/HUF

He increased the exemption for transport allowance from Rs 800 per month to Rs 1,600 per month. To encourage people to contribute towards National Pension Scheme, an additional deduction upto Rs 50,000 was allowed on the employee’s contribution.

in 2016-17, Jaitley increased the surcharge on the super rich. from 12% to 15% for individual/HUF having a taxable income above Rs 10,000,000.

In a relief to people without a house of their own and not given any house rent allowance bu employer, Jaitley increased the limit of deduction to Rs 60,000 to compensate them for the rent they paid

To lessen tax burden on individuals with income not exceeding Rs 5 lakh, he proposed to raise the ceiling of tax rebate under Section 87A from Rs 2,000 to Rs 5,000.

in 2017-18, Jaitley offered relief to taxpayers at the bottom of the pyramid by reducing the existing rate of taxation for income between Rs 250,000 and Rs 500,000 from 10 per cent to 5 per cent

& imposed a new surcharge on the rich. Individuals and HUF with a total income between Rs 50 lakh and Rs I crore would pay a surcharge of 10 per cent.

The most prominent direct tax feature in Budget 2018-19 was bringing back the standard deduction. from salary income up to Rs 40,000 in lieu of reimbursement of medical expenses and transport allowance.

How Jaitley's budgets taxed the rich to favour the middle class ecoti.in/ecZVha via @economictimes

all from here....

well, Middle class.... now say what??