Budget 2018 offers no major benefits for salaried middle-class population, says study by Chrome Data Analytics & Media
There was no relief in the income tax slabs and the standard deduction of Rs 40,000 on taxable income that Finance Minister Arun Jaitley announced fell far short of expectations. Besides, this was offset by the increase in 1% education and health cess, which will increase taxes overall. The Long Term Capital Gains Tax on equity and an additional dividend distribution tax on equity mutual funds came as an added blow. Adding salt to the wounds was the fact that the salaries of the president, vice president and governors were increased, while MPs were guaranteed an increment every five years to keep up with inflation. Chrome Data Analytics & Media, India’s largest primary research company, conducted a research in order to understand if the recently presented budget is beneficial to the middle class population of the country.
The survey was carried out in the 6 metro cities, Delhi, Mumbai, Kolkata, Chennai, Pune and Bangalore with a sample size of 2384 respondents among an age group of 18 -55 years of age constituting 57% males and 43% females.
According to the report, 69% of the respondents feel the tax changes proposed will not benefit the middle class and 61% feel that more changes in the corporate taxation would have been welcomed.
Chrome Data Analytics and Media is India’s largest Primary Research and Data Analytics Company. Founded in 2008 by a team of industry professionals, it is committed to distribution monitoring, analytics, and strategy. Chrome Data Analytics and Media has 7 proprietary tools to its credit with an unprecedented industry acceptance. Chrome DM distribution tools are being used by over 232 channels every day to their advantage. Chrome DM is the largest and only distribution audit specialist India.
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