Budget 2024: Financial influencer (finfluencer) Ravisutanjani Kumar, who was once lauded by Prime Minister Narendra Modi, slammed the Centre for 'squeezing Middle Class' with heavy taxes, without real benefits. Ravisutanjani was reacting to the Union Budget 2024, as announced by Finance Minister Nirmala Sitharaman on Tuesday.
Taking to microblogging website X (formerly Twitter), the finfluencer said, “We Pay Upto 30% Income Tax. On Top of That Upto 28% GST. Stamp Duty, Property Tax, Road Tax, Tolls.”
“Government Keep Squeezing Middle Class and Taxpayers Without Any Good Benefits,” he added.
Several users reacted to Ravisutanjani's post, expressing their disappointment.
“Middle Class is historically neglected as most of them are salaried class and tax is deducted at source. And, they are not a vote bank. There shouldn’t be any expectations at least in near term,” a user commented.
Another said: “Despite getting low seats in LS election, they haven’t learnt anything. They are still looting people. STCG tax rate at 20% from 15%, LTCG will attract a tax rate of 12.5% from current 10%.”
“This is really very sad state…employees were like ATM’s to government on Indian,” another another user.
In Janurary 2023, the finfluencer was mentioned in one of PM Modi's social media post, wherein the Prime Minister lauded Ravisutanjani for bringing "out the popularity of UPI”.
Union Commerce and Industries Minister Piyush Goyal had also shared a video featuring the finfluencer, captioned “the future of fintech”.
However, Ravisutanjani was dragged into controversy later in 2023, when a social media user claimed that he had fabricated his educational qualifications.
According to a ThePrint report, the finfluencer's former colleague also claimed that he had allegedly been accused of violating the Prevention of Sexual Harassment (PoSH) Act, although they did not specify when this purported incident took place.
Significant changes were announced in the personal income tax rates fiscal year 2024-25 to reduce the tax outgo of masses. Under the new regime, individuals will continue to pay no tax on incomes up to ₹3 lakh, mirroring the previous year's structure.
For income ranging from ₹3 lakh to ₹7 lakh, there will now be a 5% tax, previously applicable to income between ₹3 lakh and ₹6 lakh. While those earning between ₹7 lakh and ₹10 lakh will have to pay 10% as tax.
For incomes between ₹10 lakh and ₹12 lakh, the tax rate has been set at 15%, and that for over ₹15 lakh is 30%.
Besides this, a cut in customs duty on gold, silver, mobile phones and other goods were also announced.
