A bloomberg report. Don’t know how true it is. another move to make rich run from the country? Markets for sure won’t like this.
I think the rich will always find a walk around and some how middle class will pay it directly or indirectly.
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Even if it’s true, how will this benefit the ones who are already lower in the pyramid when compared to the riches? Might also reduce participation from the top earners.
It’s not true.
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https://twitter.com/Ajaya_buddy/status/1648259834654109696?t=ahYYciGprk6LEM3wDVWogQ&s=19
Apparently the finance ministry just denied this news.
Our markets are easy to get manipulated by the digital and tv media
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Yeah, poor people spend more money on such things as proportion of income, and so pay more tax than they should.
Increasing capital gain tax within reason is not really bad. Why should people like jhunjunwala (RIP) pay less tax ?
But they should also cover all other loopholes and then reduces taxes overall.
But i don’t think that will happen. CG/STT has proven to be politically easy to tax more, we have seen that happen repeatedly and so this (LTCG) increase i think will also eventually happen, while everything else remains the same.
One would be less cynical if they had been just as proactive in fixing taxation in other obvious areas like agriculture. Even actors get 25% tax free income in some cases apparently - So Tendulkar is an actor now …
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I hope this is sarcasm …
I wouldn’t trust them… Thye have denied things before & tweaked taxation …
Besides, they did make some changes to capital gains deduction limits this time which are gonna hurt quite a few ppl… I know of small time developers who sold off in a rush to large developers in Feb-March (before 31st March 2023) just so that they don’t get stung by that 10 cr CG limit…
They also made changes to debt MF taxation among other things… If you try to piece together cues, may be they could go in for some big announcement later next year… But remember it is also election year. So my guess is they won’t do anything during the interim budget in Feb 2024 (except perhaps making a gimmicky kinda move like hiking tax free slab to 10L … they did this in 2019 too),
Remember that gyaani sri sri hasmukh adhia? Dude was a visionary - calling it “effortless capital gains”
yes, i thought you wanted it that way ( high costs).
US is not perfect clearly, health care costs seem to be crazy vs other developed countries. But that is not a positive on India. But anyway, let it be.
They have been in absolute power for a decade now. Yet, anytime there is political risk they back away. So I don’t expect much. Anyway, none of this is in our control, unless everyone decides to start blocking roads and railways and starts burning tires.
There was a lot of big talk before the election 10 years ago, most of it vaporware really. That was the first and last time i believed a politician
Logically people should ask for high quality universal basic services - health/education/space/cleanliness/water/food/disability etc etc and pay fair taxes to fund that. But instead people look for and vote for optimizing their own narrow interests trying to take advantage of whatever loopholes they can find.
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for rich to curb inequality ?
How? didn’t they just reduce the surcharge on income from 37% to 25% last budget?
I think just in the immediate future it is not going to happen but in the long term scheme of things it is definitely in the pipeline.
1.) Just like the new tax regime will slowly replace the old one, earlier they said that we don’t plan to abolish the old tax regime; but it is going to be removed in future for sure.
2.) Earlier they also denied that 10% capital gains tax on long term equity holding will be introduced but after some years they introduced that as well.
Conclusion : They deny things just for the immediate future but all these things come up after some years.
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Ah taxes… the destroyer of wealth!
If the govt was wise, they would read the history books of Rome, and how the collapse actually took place because of increasing the tax burden. People (rich & poor) just abandoned their houses as is in the city and moved to another location because tax rates were out of control.
Here’s an ode to the taxman:
Tax his land, tax his bed,
Tax the table at which he’s fed.
Tax his tractor, tax his mule,
Teach him taxes are the rule.
Tax his cow, tax his goat,
Tax his pants, tax his coat.
Tax his ties, tax his shirt,
Tax his work, tax his dirt.
Tax his tobacco, tax his drink.
Tax him if he tries to think.
Tax his cigars, tax his beers,
If he cries, then tax his tears.
Tax his car, tax his gas,
Find other ways to tax his ass.
Tax all he has, then let him know
That you won’t be done ’til he has no dough.
When he screams and hollers,
Tax him some more.
Tax him ’till he’s good and sore.
Then tax his coffin, tax his grave.
Tax the sod in which he’s laid.
Put these words upon his tomb,
“Taxes drove me to my doom.”
When he’s gone, do not relax.
It’s time to apply the inheritance tax.
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True, even budgets are non event now. On such events you will just see praises and good things. Just publish the circular after few months before 1 week of new FY will all the major changes
India is already a overpopulated country. Even if 10% of the population decides to leave permanently and settle abroad, it doesn’t matter. On the contrary, it will ease pressure on our resources like land, water.
We don’t have any issue of land and water its all management issue
@ANKIT_T Would your words stay the same if say TOP 10% of the earners decide to leave the country permanently?
Nowadays I don’t it’s that hard to get a residential visa in a country with rather low taxes and liberal rules.
Ain’t that how it works you stick with your home country as long as you can but if things start to get out of hand and you realise that the management of the entire country is turning inefficient don’t people get golden visas and stuff?
Precisely
And I agree with that too
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The economy will be fine (might even improve a bit)
as long as they are not the top spenders or top tax-payers. 