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. 
If the top earners leave the country, new set of entrepreneurs will emerge to take advantage of the void created by them
And even for the Richie rich, it’s not possible to leave in large numbers. If they do so, other countries will tighten the rules for immigrants just like what happens with US EB5 visa these days. Huge waiting.
Oh don’t worry about the rich, they’re already hedging their bets by buying property in places like Dubai. (Over ₹35,000 crores worth of property was bought by Indians in 2022). Mostly HNIs I presume.
But why not have a different mindset, of trying to attract people to India? With more people buying and investing in India, the country does better, not worse.
When there are problems in the country, we need to try to solve them, find a solution. Pretending it doesn’t matter, doesn’t solve anything.
Again. It depends TM .
Yes, this is true for a specific definition of “better” for a specific subset of people.
Usually it is the ones with assets.
Many consider the Trickle-down economics to have failed the general populace.
Demand-side pressure without supply is very likely going to make things worse for people already struggling to make ends meet due to inflation.
For the one desirable outcome we seek,
there are probably 50,000 variable factors that can go wrong…
All the theorising and simple “why not just …” we can come-up with is trivial compared to the problem of managing and growing an economy. Feels like trying to move a huge model made of 50,000 paper clips and rubber-bands, from one building to another while balancing on a tight-rope strung across the building roofs.
[ Image credits ]
The best we can hope for is that
the ones we have chosen to perform this mammoth task for the nation’s economy
do it slowly and methodically,
and aren’t wearing blindfolds… 
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“India disappoints both optimists & pessimists.”
This ode to the taxman speaks volumes true,
Of the burden we bear, as we often do.
The taxman, he cometh, a force to behold,
Collecting his due, as the tale is retold.
In every corner, he finds his way,
Leaving no stone unturned, day by day.
But let’s not forget, as we gripe and we moan,
That taxes, they build us a world we call home.
From roads that we travel, to schools that we need,
To hospitals, parks, and the mouths they feed.
The taxman’s pursuits, while harsh they may seem,
Fuel the society, the collective dream.
So pay him his due, and grumble if you must,
But know that these taxes, in them we entrust.
For each dollar paid, a service we gain,
A system that shelters us all, sun or rain.
While taxes may drive us to our doom,
They’re a necessary part of our societal bloom.
So next time the taxman comes knocking, remember,
It’s not just for him, but for all we engender.
ChatGPT-4’s poem in response to the ode. 
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The taxman cometh, a burden we bear,
But let’s not forget, it’s unfair and rare.
For the rich and the wealthy, they hide and they flee,
While the rest of us pay, no way to be free.
The taxman’s pursuits, while noble they seem,
Are marred by corruption, greed, and extreme.
For the taxes we pay, they often go waste,
In the pockets of the few, without any haste.
The taxman’s presence, a force to behold,
But it’s not just his due, that we’re often sold.
For the burden we bear, it’s too much to take,
While the rich get richer, and the poor do break.
From healthcare to education, we’re denied our right,
While the taxman’s powers, they’re used to fight.
For the interests of the few, not the common good,
Leaving the rest of us, misunderstood.
So let’s not honor the taxman, and his game,
For the system we have, it’s flawed and lame.
Let’s demand for change, for a fairer world,
Where the taxman’s power, is truly unfurled.
– Also ChatGPT 4 in response to that response!
Soon, I think we’ll have chat bots taking over this forum. AI is here…
Excellent article… Please do read.
When the Bloomberg article appeared there was consternation among a few, leading the government to backtrack immediately. But the genie was out of the bottle. The government has prepared us. It is now a matter of time before long-term capital gains tax (LTCG) rates will be “rationalised”.
But will taxing the rich reduce inequality when the rich are getting richer not due to tax advantages but due to mind-boggling corruption, opaque rules, regulatory failures, weak institutions and gaming the system at all levels?
“It will be like the magic of demonetisation, which did not reduce income inequality, root out corruption or teach the rich any lessons. But it was enthusiastically supported by otherwise economically intelligent and literate people through clever slogans, memes and anecdotes.”
Not only have Indians displayed an enormous capacity to suffer pain and discomfort – whether in their daily lives or through sudden shocks like demonetisation – the majority of people in the capital market remain convinced that all problems are temporary and India is confidently marching towards being an economic superpower, a $5 trillion economy.
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