Question
This year’s budget proved the phrase
“expect the unexpected” from a personal tax perspective. There was much speculation until the budget day regarding reduction in slab rates and other sops for the salaried class. However, the Finance Minister came up with a simple, yet impactful set of proposals to please the common man. The existing tax rate of 10% for income range between ₹ 2.5 lakh and ₹ 5 lakh has been brought down to 5%, which has cheered many. _________________. Ironically, we may not know how much of such 80C deductions could be utilised by the low-income group taxpayers, but still the benefit stands, if the qualifying investments are made to avail the deduction under 80C of the act. Further, this budget also simplified the tax filing process as a one pager return for the salaried class up to a taxable income of ₹5 lakh without any business income. In each of the following question a short passage is given with one of the lines in the passage missing and represented by a blank. Select the best out of the five choices given to make the passage complete and coherent (Coherent means logically complete and sound)Solution
This year’s budget proved the phrase “expect the unexpected” from a personal tax perspective. There was much speculation until the budget day regarding reduction in slab rates and other sops for the salaried class. However, the Finance Minister came up with a simple, yet impactful set of proposals to please the common man. The existing tax rate of 10% for income range between ₹ 2.5 lakh and ₹ 5 lakh has been brought down to 5%, which has cheered many. This, coupled with the existing deduction available under section 80C of the act will ensure that individuals won’t have to pay any income tax up to an income of ₹ 4 lakh. Ironically, we may not know how much of such 80C deductions could be utilised by the low-income group taxpayers, but still the benefit stands, if the qualifying investments are made to avail the deduction under 80C of the act. Further, this budget also simplified the tax filing process as a one pager return for the salaried class up to a taxable income of ₹5 lakh without any business income.
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