Congress chief P Chidambaram on Thursday stated that in the “hullabaloo” over the old and the new tax regimes, the importance of personal savings in a developing country has been “jettisoned”.

The former Union finance minister asserted that in the absence of a state-provided security internet for the overwhelming majority of individuals, private financial savings is the one social safety.

The thriller of the New Tax Regime is unravelling, he stated and pointed to the evaluation and the tables in main newspapers on Thursday.

“If you’re a taxpayer, don’t rush to conclusions. Do your math, seek the advice of a chartered accountant,” Chidambaram said in a series of tweets.

“My regret is, in this hullabaloo about OTR (old tax regime) and NTR (old tax regime), the importance of personal savings in a developing country has been jettisoned,” he stated.

Chidambaram on Wednesday claimed that the Union Budget has “betrayed” the hopes of a vast majority of Indians and shows how far removed the government is from the people and their concerns about life, livelihood and the growing inequality between the rich and the poor.

At a press conference at the Congress headquarters here, he had termed the budget “callous” and claimed that Finance Minister Nirmala Sitharaman has not talked about unemployment, poverty, inequality or fairness wherever in her Budget speech.

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