How middle class-friendly is Budget 2020?

While some found Budget 2020 to be a middle class-friendly budget, some others stood up criticising it.

Finance Minister Nirmala Sitharaman presented the Union Budget 2020 on Saturday and it received mixed reactions from the nation.

While some found it to be a well-planned budget, some others stood up criticising it. Nonetheless, a lot of people declared the Budget 2020 to be pro-middle class. Particularly, the government's decision to make some tax exemptions and to increase the bank deposit insurance came as a big relief for the common man.

Under the new tax slab, individuals in the income bracket of Rs 5 lakh-Rs 7.5 lakh will have to pay a tax of 10 per cent against the earlier tax of 20 per cent. Tax has also been cut down to 15 per cent from 20 per cent for people in the income bracket of Rs 7.5 lakh- Rs 10 lakh. Similarly, taxpayers in the income bracket of Rs 10 lakh- Rs 12.5 lakh will be charged 20 per cent tax, which was earlier 30 per cent.

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While there is no tax payment for individuals earning upto Rs 2.5 lakh, it is 5 per cent for people earning Rs 2.5 lakh-Rs 5 lakh. This cut in tax slabs is being seen as a big relief for the middle class.

Talking about the new tax regime, the FM said that the government will incur a revenue loss of Rs 40,000 crore under the new tax regime.

In another positive change for the common man, bank deposit insurance in scheduled commercial banks has been increased from Rs 1 lakh to Rs 5 lakh.

Check some of the reactions of people on Twitter: