Buget 2024
As soon as this budget came,even the biggest Modi supporters started expressing their anger against the government
Looking at this time’s budget, it seems that this government collects all the taxes from the middle class people
This government gives benefits from all sides to all the crorepati and billionaire friends of the government
This is the budget presented by Finance Minister Nirmala Sitharaman on 23 July 2024
On 23 July 2024, the reaction and action seen from the general public regarding this budget was of a different level
First:- Whatever salary the employed people get, the government has to pay 30% direct tax on it. You people invest some of the remaining money from it and if you earn money quickly in investment, then you also have to pay 20% tax to the government and if you invest for a long time, then you have to pay 12.5% tax to the government if you people suffer loss in investment So that loss is yours
Second:- If you go to spend your money, then according to GST, you have to pay 12% tax on basic items to the government
This tax is levied when you sell any of your assets like house or land or you people make profit from your investment like you invest money in stock market or mutual fund
Capital Gain Tax is divided into two parts
1. Holding Period:–If you are buying or selling something in a period of less than a year, then it is called short term period and the tax that is levied is called short term capital gain tax. If you keep your investment for more than 1 year, then it is called long term period and if tax is levied in such a case, then it is called long term capital gain tax.
But it is obvious that all those people who invest their money in stock market and mutual fund are angry with the government.
The government said Future and option trading is harmful. There is even more bad news for those who do future and option trading because security transaction tax is imposed by the government in future and option.
Economy survey is an annual report, it is presented every year before the budget.
Finance Minister Nirmala Sita Raman presented this economy survey in Parliament on July 22, a day before the budget. Nirmala Sitharaman says that the stock market is becoming like a bubble and when the claims of the stock market are very high, then there is instability of that market. Whenever the government is criticized on issues like economics and unemployment, then the government says that if the stock market is growing then development is taking place. It has become a common thing for the stock market to go up in India in today’s Kaliyug. Clearly, the government wants to discourage future and option trading, especially in future and option trading, many people lose their savings of lakhs in trading like future and option to earn more money. Due to this reason, the government wants to discourage futures and options trading
If you don’t want to invest money in the market, then invest in gold and property. This is called non-finance acid.
Whether you want to buy land or a house or an apartment, if you look at the actual long term capital gain tax on finance, the government has reduced it. Earlier, the tax was 20%, but now it has been reduced to 12.5%.
But along with this, the government has removed the benefit of indexation. Suppose you have a house worth 30 lakhs about 5 years ago, then today a house worth 30 lakhs will be considered as 50 lakhs, but you will have to pay the same extra amount. The 30 lakhs invested became 50 lakhs after 5 years. You will have to pay the tax. After paying 20% tax, how much money is left with you? The same amount of 30 lakhs invested is left.
The reason behind why the government is doing this is that the government does not want speculation in the price of property, but the middle class people do not have their own properties. Those who want to buy their first house are not able to do so even if they want to because from the perspective of common people, the property prices are going up so much that common people cannot afford it to buy a house.
Angle Tax is the tax that is imposed
On startups whenever startups issue their fresh tax at a price above the fair market value of their company. In the new budget, the government has proposed to remove it.
There has been no change in the rest of the tax rates going forward.
Exactly how much benefit you will get here depends on how much dedication you people are getting.
In Budget 2024, we get to see that the government is earning 19% of the money from income tax and 18% tax comes from GST and 17% tax comes from corporate.
State Wise Distribution
In this budget, the government has given a lot of money especially to Andhra Pradesh and Bihar in comparison to other states.
And in these 10 years, the government has given a lot of money to the rich people. Made the people even richer and made the poor people even poorer. The share of the top 10 people kept increasing in the income of the whole country and the share of the middle class kept falling.
Conclusion:- In this article, articles have been written about capital gain tax and economy survey and tax imposed in the stock market and how the middle class people were fooled once again in the 2024 budget. Do let us know how you felt after reading this article by commenting. Thank you