Your expectations for Budget 2024 : Nirmala Sitharaman to present the budget on 23rd July

Nirmala Sitharaman is poised to make history as she prepares to present the budget for the seventh consecutive time, which includes six full Budgets and one Interim Budget. The finance minister began pre-budget consultations with industry stakeholders on June 20.

As part of our tradition, we will live-tweet the budget presentation along with analysis on X (Twitter).

What are the key elements the government should include in this budget?

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Another season of taxing the commoners and incentives for multi-billionaires. All without zero accountability or transparency. I personally opine that people having assets worth more than ₹8500 crores should pay a 1% wealth tax given the trend of everything heading towards monopoly and the increasing wealth gap.

Oh! And the markets have gone up, so let’s tax and kill the retailers in the name of “protection”.

Also, why have the prices of onion went up? Because “main pyaz nahi kati jee”.

Allocate some peanut ₹200 crores on some bee keeping activities and call it a budget.

Wah Taj!

Another season of taxing the commoners and incentives for multi-billionaires. All without zero accountability or transparency. I personally opine that people having assets worth more than ₹8500 crores should pay a 1% wealth tax given the trend of everything heading towards monopoly and the increasing wealth gap.

Capitalism is working as intended.

Oh! And the markets have gone up, so let’s tax and kill the retailers in the name of “protection”.

Every retail investor is getting 15l and still you have a problem when regulatory authority who wants to protect you from losing 15l? I don’t know what’s your problem.

Also, why have the prices of onion went up? Because “main pyaz nahi kati jee”.

That’s what she said - Michael Scott

Allocate some peanut ₹200 crores on some bee keeping activities and call it a budget.

Oh now you got problem with bees? Nifty-bees, Junior-bees, Liquid-bees which bee do you have a problem with?

On a serious note, whatever you said is true. Economy is concentrated in the hands of very few people, wealth gap is increasing, disproportionate allocation to sectors whose impact is much more on everyday life of common people, inflation is yet to be with comfortable range, increasing debt of govt but hidden behind growth story. Anyways on the day of budget there will be some chest thumpings by ruling side and statements saying “disappointing budget” by opposition as usual. By end of next F.Y. again this cycle will repeat and commoners life remains same.

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From expectation end (for selfish reasons):

  1. Increase basic exemption to 1l from 50k.

  2. Bring in some kinda changes to capital gains tax on debt funds, commodity based funds, debt based hybrid funds, FoFs.

  3. Need changes in taxation on dividends.

  4. Plan to bring in some serious changes to pension schemes or need a whole revamp of pension plans (need an Indian equivalent of 401k account and not simply a half baked scheme like NPS)

  5. Encourage savings scheme and not discourage them by cutting down every feature that makes schemes like PPF, EPF worthy to take a look at.

  6. Increase allocation to healthcare and education systems.

Tax Incentives for Investors: Introducing new tax incentives for retail investors in the stock market

Salaried middle class likely to benefit via enhancement of standard deduction limit from 50K to 1L. Also hoping for income tax exemption limit to go up and reduction of tax rates overall.

With only 1-2% of the population paying tax and that too majority of the tax in absolute terms coming from the ultra rich, I won’t mind if the FM abolish the income tax or tax only the ultra rich at current or lesser tax rates to boost consumption for a GST income boost :grin:

I think there should only be corporate tax. Zero retail tax. Retail would automatically termed as corporate for a revenue of 50L+

Increasing the tax slab is beneficial because:

  1. Purchasing power of consumer increases
  2. Increase in consumption
  3. Increase in consumption leads to increase in manufacturing and production
  4. Companies become more rich because they sell more
  5. Boost to GDP.

No idea of drawbacks. But hopefully it’s beneficial in long-run.

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No expectations from this minister :disappointed:

Hope she doesn’t throw more tax bombs towards the retail traders.

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My wishlist:

  1. No speculative taxation / TDS of F&O
  2. Relaxation in income tax slabs
  3. Increase of 80C limits

However - one can only wish!

As they say - Man/Woman proposes, Nirmala ma’am disposes!

This time there will be no bombs, because bombs mean quick death. They are planning on planting leeches, so that all the commoners blood can be collected and sold to their crony friends.

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