Well, the highly anticipated Union Budget 2020 has been presented in the Lok Sabha on Saturday by Union Finance Minister Nirmala Sitharaman. And as expected tonnes of reactions have already flooded the social media. As described by Sitharaman, the themes of the budget are "aspirational India, economic development and a caring society for all", however, all netizens are talking about is the new tax structure introduced and income tax rates and slabs for 2020-21. Nirmala Sitharaman unveiled the "Optional" tax regime in budget and has even reduced tax for people with income up to Rs 15 Lakh without exemptions. However, the internet cannot help but come up with memes and jokes that are now going viral. While some take a dig at the "complication" of the tax system, some cannot stop reacting on the repercussion of it on the middle-class section of India. And there are always the "rich CA" jokes and memes that will tickle your funny bones.

For those who don't know, while presenting the Union Budget 2020-21 in the Lok Sabha, Sitharaman revealed how the new income tax slabs work. According to the revision, individual taxpayers will have to pay 10 percent tax on income between Rs 5 lakh and Rs 7.5 lakh, 15 percent on income between Rs 7.5 lakh and Rs 10 lakh, 20 percent on income between Rs 10 lakh and Rs 12.5, and 25 percent on income between Rs 12.5 lakh and Rs 15 lakh. However, the "simplified " tax structure has become fodder for netizens to churn out funny memes and jokes that have already taken over the internet. Check out the funniest ones:

Someone Stop Me!

...wait a minute!?

Excuse Me, Where's My Tax Tutor At?

Batao, Batao

The Truth Hurts!

Can Anyone Explain to Me, Like Anyone?!

Me Too

Areh, Bhai Bhai!

Finance Minister Nirmala Sitharaman described the budget by saying that, "This budget is woven around three prominent themes, aspirational India, in which all sections of society seek better standards of living, economic development for all, indicated in Prime Minister's exhortation 'Sabka Saath, Sabka Vikaas', and lastly, ours shall be a caring society," Sitharaman said during the presentation of the Budget.

(The above story first appeared on LatestLY on Feb 01, 2020 02:50 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).