Budget 2019: 66% Indians want full-budget, shows survey; 73% want angel tax abolished

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Published: January 29, 2019 6:17:50 PM

Budget 2019: 66% Indians have said that they want a full-budget instead of an interim budget with focus on agriculture, environment and housing for the middle class, a survey has shown.

A whopping 77% Indians said that they want the controversial 'angel tax' be abolished.A whopping 77% Indians said that they want the controversial ‘angel tax’ be abolished.

Budget 2019: Even as former finance minister Yashwant Sinha called the speculated move to present the budget as a full-budget “entirely improper and unconstitutional”, the mood of the nation seems otherwise as 66% Indians have said that they want a full-budget instead of an interim budget with focus on agriculture, environment and housing for the middle class, a survey has shown.

Moreover, a whopping 77% Indians said that they want the controversial ‘angel tax’ be abolished. The pre-budget survey conducted by LocalCircles showed that while supporting the idea of a full-budget, 64% also want the government to use this as an opportunity to introduce tax measures.

Angel tax became a huge issue recently when some start-ups raised concerns on taxation of angel funds under Section 56 of the Income Tax Act, which provides for taxation of funds received by an entity. Later, the government tried to allay fears of the start-ups by saying that it is “committed” to protecting bona fide investments into start-ups.

On sector-wise allocation of the budget, a majority of Indians said that the government should focus on agriculture-related spending for the farmers who have been suffering due to agrarian crisis.

About 50% said the area should be agriculture related innovation, 29% said environment improvement innovation, 13% said women and child safety, while 9% said disaster preparedness, the survey noted. However, even as the people of the country are concerned about the state of the agriculture sector in the country, they do not want the government to opt for farm loan waivers.

The survey, which received 1,00,000 votes from 200 districts, showed that 71% Indians do not want the government to announce agricultural loan waivers in the upcoming budget. The central government has, so far, refrained from announcing loan waivers, while several state governments have announced waivers over a period of time.

Farm loan waivers became a matter of huge debate when the Indian National Congress party announced massive loan waivers before state elections in key heartland states if voted to power. The central government, on the other hand, is expected to announce income support to farmers and zero interest rate farm loans in the upcoming budget. Finance Minister Piyush Goyal will present the budget on February 1.

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