The first thought was not on splurging. “Savings improve the financial discipline of a person, I would put the additional money in fixed deposits (FD),” said G. Ridhima, an advocate.“I can save more money for myself and my family. I will use the amount saved for charity and a vacation,” said Harish Daga, techie and activist from the city. “I can save more money for myself and family.”Financial planning and freedom were other key takeaways. C. Rajeshwara, a private school teacher, said that less tax meant more financial freedom.Sai Teja, a techie, said that the tax relief would have a positive impact on long-term financial plans. He, however, pointed out that people would still carry a huge burden under GST. “The Union Budget is like giving from one hand in an outspoken manner and collecting it in a subtle manner from the other,” he said.The extent of reform was clearly unexpected. “I am happy because we recommended raising the individual income-tax limit to Rs 9 lakh,” said Suresh Kumar Singhal, president of the Federation of Telangana Chambers of Commerce and Industry (FTCCI). “But the minister surprised everybody by raising it to Rs 12 lakh.”Girdhari Lal Toshniwal, secretary, Hyderabad branch of Institute of Chartered Accountants of India, said that the tax reform would increase spending by the middle class. He said that with income up to `12 lakh now being non-taxable for individuals, the old regime with its deductions would become redundant.Meanwhile, V.S. Sudhir of the FTCCI said that the rationalisation of tax deducted at source (TDS) and tax collected at source (TCS) would reduce compliance burden and was a welcome move.”The reforms brought in were the much-awaited relief and would increase the spending of the middle class,” Girdhari Lal Toshniwal, secretary, Hyderabad Branch of Institute of Chartered Accountants of India.Sai Teja, a techie from the city said that, tax relief will have a positive impact on his long term financial plan but that doesn’t mean that he will have more money in hand.“ Yes there is no tax on no tax on annual income of up to Rs.12 lakh, but what about the Goods and Services Tax (GST) increased slabs and inflation.
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