Finance Minister Nirmala Sitharaman presented the Union Budget for the fiscal year 2020-21 on February 1 in Lok Sabha. For individual taxpayers in India, Union Minister provided a tax relief by proposing a new income tax regime with reduced rates. She proposed new tax slabs of 15 per cent and 25 per cent in addition to the existing 10 per cent, 20 per cent and 30 per cent.
Under the proposed I-T slab, annual income upto Rs 2.5 lakh is exempt from tax. Those individuals earning between Rs 2.5 lakh and Rs 5 lakh will pay 5 per cent tax. Income between Rs 5 and 7.5 lakh will be taxed at 10 per cent, while those between Rs 7.5 and 10 lakh at 15 per cent. Those earning between Rs 10 and 12.5 lakh will pay tax at the rate of 20 per cent, while those between Rs 12.5 and Rs 15 lakh will pay at the rate of 25 per cent. Income above Rs 15 lakh will be taxed at 30 per cent.
However soon after Sitharaman's speech finished, internet users, flooded Twitter with memes on Budget 2020. While some of the users who were eagerly waiting for the tax rates, mocked the budget, others 'made fun' of middle-class families. The memes on budget varied from how parents react to the announcement while others simply differentiated between commerce and science students.
While everyone is worried about "kitna tax dena pdega", CA students are worried about kitna naya tax padhna padega. #BudgetSession2020— Savage_नारी😼 (@atram_shatram) February 1, 2020
Nirmala Sitharaman simplifying Income tax for the middle class— Gabbbar (@GabbbarSingh) February 1, 2020
Before After pic.twitter.com/MyMiIkEfEi