Income tax concessions nothing but jugglery of words, says Mamata

MP | 2 Feb 2023 | Kolkata: Chief Minister Mamata Banerjee on Thursday accused the BJP-led Centre of spinning a web of lies over its claims of increasing income tax slabs from Rs 5 lakh to Rs 7 lakh in the Union Budget presented on Wednesday. She also alleged that the BJP was using people’s money deposited with the Life Insurance Corporation (LIC) and nationalised banks to benefit the cronies of the party. Speaking at a programme in East Burdwan district, the Trinamool Congress (TMC) supremo lashed out at the BJP-led Centre over the Union Budget, claiming that “income tax concessions are nothing but a jugglery of words”. 

“If this government stays for long, all banks will be closed. Life Insurance (Corporation) will be wound up. The way LIC shares are being sold... the way LIC’s and banks’ money — which belong to the people — are being used for the benefit of the party and some famous people close to the party, you don’t know whether you will get your money from banks or insurance companies,” Banerjee remarked. 

She was apparently referring to the investment of SBI and LIC in the Adani Group, the shares of which have crashed following a report by US-based research group Hindenburg alleging financial irregularities by the Group. 

Banerjee further claimed that the Centre was on the verge of collapse following a landslide in the share market on Wednesday. “As per the new rules, those who pay Income Tax under 80-C, LIC, PPF, Mutual Funds, earlier used to get Rs 1.5 lakh relief. 

However, under the new norms, that money is now taxable. Similarly, in medical insurance, while giving a premium amount under 80-D, one used to get relief up to Rs 50,000 but now there will not be any relief. 

The same applies to the National Pension Scheme, where one could get relief of Rs 50,000 but won’t get any relief now and that amount will be taxable. So, the Centre has increased slabs on one hand and on the other hand, they have removed relief from another slab. 

Actually, they have increased slabs by Rs 2 lakh and reduced relief for Rs 2.5 lakh thus spinning a web of lies,” she maintained. On the issue of the slide in the share market post announcement of the Budget on Wednesday Banerjee said: “I do not wish to take any names but can the country function without any planning? 

The Centre had to ask 6 to 8 people to bail them out, some were asked to give Rs 20,000 crore, and some were asked to give Rs 30,000 crore. I won’t reveal names because I don’t want to make it difficult for them,” she added. The share of the Adani Group was among the worst affected by the slide in the share market. 

Slamming the Centre yet again for freezing funds for the 100 days work scheme and refusing to release the wages of the workers from Bengal, Banerjee was vocal about the central team being sent to the state at “the drop of a hat”. 

In 100 days work, the Centre has allocated Rs 60,000 crore lower than the budgetary estimate of Rs 73,000 crore for 2022-23. This is the lowest amount ever that has been allocated for the scheme, she stated. 

“Meanwhile, from mosquito bites to what people will eat and what people will wear, a Central team is being sent. Why don’t you (Centre) send a team with the MGNREGA funds you owe us? If you don’t release the funds immediately, Bengal will not sit quietly. We will protest and fight for our rights. 

We are yet to receive Rs 7,000 crore for the 100 days’ work scheme,” she maintained. Banerjee maintained that despite the Centre’s apathy, the state government has employed about 40 lakh job card holders. She added that over 11 lakh people are awaiting money from the Centre for the Banglar Baari scheme. 

“Over Rs 1 lakh crore is due to the state for various projects, for roads, for home, for 100 days’ work, for scholarships among others,” she said. Banerjee further questioned the intention of the Centre when it comes to providing jobs. 

“Not a single word was mentioned about the unemployment issue in India in the Union Budget. When elections are round the corner, the Centre promises to give two crore jobs. But once elections get over, they forfeit jobs of four crore people as all industries have closed down,” she maintained. Referring to the student unrest in Visva Bharati, Banerjee alleged that they were tortured by the authorities and she “will always stand by them”. 

“There is a move to block recruitments, but all youths of Bengal will get jobs. Everyone will be given jobs as per the rules. Nobody has to beg for it,” she said. 

https://www.millenniumpost.in/bengla/income-tax-concessions-nothing-but-jugglery-of-words-says-mamata-507313