Budget speech runs from 11 AM to approximately 1.30 PM. So in no case will you know about LTCG before 09:15 am and after 3:15 pm.
No tax on LTCG but still the market crashes as expected due to no change in tax slabs.
- I’m extremely happy with the budget not withstanding the market reaction.
- The government has spent considerable time in improving the life of farmers, income of farmers, improve rural people’s life.
- This in long term will provide very strong under current to the GDP PROVIDED the government spends as per the laid out budget which I think it will.
- Do not give much to the media hanky panky, they want TRPs. Analyse the budget from neutral point of view.
- Sticking to fiscal prudence by maintaining 3.5% fiscal deficit will provide the leeway for RBI to reduce interest rates.
- While budget takes care of rural economy, RBI would take care of industrial economy. This must have been a CONCERTED effort by both RBI and Govt.
- I agree with dividend tax on high dividend income earners and other taxes provided these extra money will be used to help India move forward.
- Ok, no LTCG, relax people!
- If global markets co-operate, Indian markets should look up in the medium term.
- The government is very much focussed on penalising the wrong doers monetarily and otherwise.
- Also heartening is not much on providing subsidies but more on providing the ‘runway’ to develop and grow your incomes.
- Nice thrust on infrastructure as well.
“Committed to implementing GAAR from April 1, 2017: FM” what kind of effect it can have on market?
Not taxing LTCG is positive.10% tax on dividends above 10 lacs is not applicable to 99% of individual investors in my view - assuming 1% yield to have a dividend income of 10 lacs your PF has to be 10 crores . How many individual investors have such a PF today ? perhaps less than 1% .
And talking of PF, I am really talking of Provident fund (and not Portfolio), they have introduced the killer tax on withdrawls of future contributions from 1/4/16. This was last branch which was left in the hands of private sector employee and that branch is also sawed off now (after all you make contribution from your tax paid money but double taxation gives them so much pleasure that they just could not stop laughing at sawing this off). plus the draconian surcharge of 15% (when this was introduced, it was supposed to be for an year but like anything else, when it comes to taxes, it is for eternity here)…I am not sure why no one is commenting about the 3x increase in STT from 0.017 to 0.05 now. This land is just meant for evaders. Outside the salary class, there are crores of individuals/ farmers/lobbyist/politicos/land lords/henchmen/ low lives in cities and hinterlands, who make thousands of crores for generations, who have not even filled an IT form and this govt (nor its previous avatars or futures ones) dares not to go near them !!
All I can do is to remember and quote the immortal words of WINSTON CHURCHILL
"“Power will go to the hands of … freebooters; all Indian leaders will be of low calibre & men of straw. They will have sweet tongues and silly hearts. They will fight amongst themselves for power and India will be lost in political squabbles._ A day would come when even air and water would be taxed in India_.”
VP Admin, the words I am writing below might not fall under VP rules and guidelines. So I would like to ask for pardon in advance and fell free to delete or block if required.
I can understand your misery. Your problem is you are a middle class service person and you are dreaming to work hard and live a luxurious life. It’s a crime, you should not do it.
Coming from a marwari family I see all my relatives earning in crores and haven’t paid a penny of tax. Some of them did get income tax enquiries but it gets settled in few thousands of rupees, so why pay lakhs of tax. I used to wonder how can someone splash crores of hard earned money in marriages and gifts.
Rather than choking salaried people’s neck with taxing them to death, govt should probably enforce strictness in collecting tax and get out the black money. (Not sure if that would be against their vote bank and political interest). That amount will be n times more which they might be getting now. Not a single mention about recovering black money apart from formal line to pay 45% and convert your money to white. Businessmen would be having a good laugh on that statement !!
I agree with your observations. Evasion of taxes is quite common in small/medium sized businessmen.
But I must admit that it will be a political suicide to force all of them to pay taxes. My observations are that govt has taken a subtler way of digitization which will eventually bring forward lot of small/medium businessmen to pay taxes.
GST and removing higher denominations of currency too will help a lot.
the best way to tax the rich is by taxing their consumption like cars,jwellery,foreign travel,services like hotels,clubs - this is what modi is doing
I remember we can carry forward longterm losses i think upto eight years, this is before when there is no longterm capital gains tax.
Is it the same now also, can the longterm losses are carry forward to next year.
Any reference will be helpful.