The Union Budget has been announced, but what does it mean for us and our closets? WM presents you with a snapshot of what you need to know and how we’re going to benefit from it.
#1 Income Tax Deduction
Income tax rates have been cut by 5% for the tireless millennials that earn under the income band of 2.5-5 lakhs.According to the Finance Minister (Arun Jaitley, for all the Alia Bhatt’s out there), about 96% of individuals have an income of less than Rs 5 lakhs — sigh! thanks for rubbing it in. The good news? Shopaholics can now rejoice because you’re going to wind up with some extra dough annually, Rs.12,500 so to speak — guess you can buy those expensive shoes after all!
#2 Easy Payments
While the demonetization brouhaha dampens, there’s no need to fret over card withdrawal charges and annual fees, with the introduction of Aadhaar Pay you can make transactions at the ease of your thumbprint. Banks will introduce 20 lakh Aadhaar Point-of-Sale terminals by Sep’2017. Guess angootha chaap isn’t a bad thing after all.
#3 Bilingual or Multilingual?
Hindi and Marathi won’t be the only languages you’ve mastered — 100 India International Skills Centres will be established across the country offering courses in foreign languages to help wanderlust millennials who seek job opportunities outside the country. We’ll soon be fluent at pronouncing Hermès and Comme des Garçons correctly and maybe buying them too!
#4 Discounted Travel + WiFi Everywhere
By the end of the next financial year, high-speed broadband internet will be available in more than 1,50,000 rural areas via WiFi hotspots. Not just that, service tax on e-tickets booked on IRCTC will be withdrawn — save some cents while you travel and Snapchat more!
#5 Easy IT Filing
The Finance Minister also said that a simple one-page form will be introduced for filing as income tax return for the category of individuals having taxable income of upto Rs 5 lakhs other than business income. While your IIT’ian friends make runs to chartered accountants at the end of the year, you can sit back and relax while WODROB helps you clear your wardrobe.