Himalaya Harbinger, Rudrapur Bureau
Finance minister Nirmala Sitharaman said that taxes have not hiked been hiked in the Union Budget 2024 with a back of the envelope calculations”. Nothing is done like that or with the purpose that government wants more money,
She said, “Taxes have not been increased because I want more money… The decision is based on the idea that every asset class has to be treated similarly.” Calling the Budget ‘futuristic’, the Finance minister asserted that the government will continue its focus on capital expenditure till the time recovery is sustained.
Nirmala Sitharaman said NDA 3.0 is historic and the Budget has made small and big allocations for skilling country’s youth. She also said that the government is open to all the views on the tax changes proposed in the Budget 2024. However, the Finance Bill rests with the Parliament now and “is the property of the House, I can’t comment on it outside,” Nirmala Sitharaman said.
In the Budget, Nirmala Sitharaman made major announcements with respect to capital gains tax whereby the rate of tax on long-term capital gains (LTCG) is proposed to be made 12.5 per cent for all types of assets, irrespective of the transferor being a resident or a non-resident.
