President of Nag Vidarbha Chamber of Commerce; Hemant Gandhi termed the budget as election-based average budget.
The government has taken some positive decision of increasing the income tax limit from Rs 3 lakh to Rs 5 lakh, raising Standard Deduction for the salaried class from 40,000 to 50,000, hiking the TDS limit from Rs 10,000 to Rs 40,000 on the amount deposited in bank among some other schemes, which is a welcome step, said Gandhi.
However, there is nothing in the budget to encourage new industrialists as well as the traders, he said. The NDA government has also made an effort to provide a respite to the farmers but looking at their contributions to the economy, these measures are short, he said, adding these announcements should be implemented at the earliest.
NVCC Secretary Sanjay Agrawal said the announcement on simplification of Direct Tax system to transform the tax department to process returns within 24 hours and to undertake process of verification, scrutiny selection and assessment through electronically annonymised back office without personal interface of tax-payer and officer is the most welcome announcement.
Looking at other announcement, it appears as an election speech of Prime Minister Narendra Modi rather than a Union budget, Agrawal added.