Gurgaon IT corporates disappointed

As most of the IT professionals had guessed, the expectation from the Budget outstripped reality. The young professionals from the IT sector in Gurgaon had expected relaxation on the front of personal tax from the Union Budget of 2016-2017. “I’m highly disappointed with the Budget that was presented today (Monday). As expected, the need for steps towards a simplified personal income tax structure with higher minimum salary bar for tax eligibility was not objectified in the budget,” said Puneet Arora, a transaction advisor at an IT firm. Kamal Yadav, vice-president of a software company said: “Last year’s Budget had removed wealth tax but enhanced the surcharge on tax from 10 per cent to 12 per cent for those earning more than Rs 1 crore a year. But this budget has already hinted that the ones with fat incomes, should be ready to pay a higher tax.” An overall view of young professionals from the Millennium City seems to highlight that only the small taxpayers will be provided reliefs while corporates will be calibrated with benefits of phasing out exemptions.