Call for Tax Relief on Union Budget 2024-25 Sparks Heated Debate in Rajya Sabha

NCP leader Praful Patel urged the government to offer more tax concessions to the middle class, deeming the current exemption limit of Rs 3 lakh insufficient. The debate on Union Budget 2024-25 saw varied perspectives, with calls for wider tax nets, pre-budget consultations, and protection for small investors in the stock market.

The NCP's Praful Patel has called on the government to provide more tax concessions for the middle class, arguing that the exemption limit of Rs 3 lakh is inadequate. Speaking in the Rajya Sabha on Tuesday, Patel highlighted the financial strain faced by urban earners, emphasizing the need for more leniency.

Patel underscored the efforts to broaden the tax base post-GST implementation, noting that nearly everyone now pays taxes in some form. He called for further concessions to ease the financial burdens on middle-class citizens, who increasingly turn to the stock market for investment amid dwindling returns from fixed deposits.

During the debate, the RJD's Manoj Jha critiqued the cessation of pre-budget consultations with lower-income groups, advocating for a budget that considers the disparities in wealth distribution. In contrast, BJP leaders praised the budget's focus on inclusive growth and infrastructure development, while CPI-M's A A Rahim and other opposition members addressed issues of price rise and unemployment.

(With inputs from agencies.)