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Sachin Legend Username: Sachin Post Number: 43031 Registered: 04-2008 Posted From: 108.171.130.163 Rating: N/A |
Modi ki pagalatam khayam.... | ||
Shikari Megastar Username: Shikari Post Number: 24296 Registered: 03-2010 Posted From: 124.123.55.56 Rating: N/A |
The one provision in the Budget of 2018 which attracted my attention is the Long Term capital gains. I was also amused by the Rs. 40,000 standard deduction which is not of much use if you see the withdrawal of medical reimbursement, and travel. Sounds like a typical clerk in the South block â petty minded and stupid. It is the equivalent of waking up a hungry sleeping man and telling him there is no food. Eeks Namo, it stinks. Some baboo(n) is drafting these •••••• proposals and getting them passed by AJ and Namo without making them understand how much it irritates the people. They had a chance to do somethings dramatic and radical in the budget. For example they could have given indexing on the Income tax threshold and rates. He could have made IT return redundant for people over 80 years of age. He could have made zero TDS for people giving a declaration if they are 65 years of age. No, he did nothing. LTCG â Long term capital gains â which makes a return after 13 years is more a clerical pain than a revenue generator. In 1992/3 dividends were made taxable at source (it is not tax free as people say it is, DDT is a far more regressive tax â the small shareholder who may not have taxable income also pays it) at 21%. For a person earning say Rs 6L dividends BUT HAS NO OTHER INCOME, this 20% tax is very high. Technically if he is 80 years of age at his level of income he should have no income tax at all. Sorry, I am cribbing, but just telling you that DIVIDENDS are currently taxed at 20% and not NIL as some commies would like you to believe. Then in 2004 STT was brought in and we were told that there would be a token STCG of 10% and LTCG would be NIL. Then slowly STT went up and stcg went up to 15% and now we have LTCG at 10% WITHOUT INDEXATION. I do not think many people have understood âwithout indexationâ â how much this will hurt a promoter who holds a share for say 40 years time alone will tell. The grandfathering date has to be changed regularly or indexing will have to be given. I am expecting the following to happen on the floor of the house: a proper clarification that shares acquired in an IPO, bonus, split, VC funding will all be eligible for Ltcg FII eligible for Ltcg (as of now they are not, and that is stupid) Indexation being given as a âsopâ to the people Namo is nicely digging his own grave. Vasundhara Raje will surely lose Raj for BJP. MP is touch and go. Karnataka is likely to be with the Congress. With TDP not sure about supporting, Shiv Sena clearly against BJP in 2019, Navin Patnaik may not support, Kerala and Bengal of course not being with them, 272 looks tough, if not impossible. By antagonizing the middle class (is it some IAS baboo(n) acting on behalf of PC and pulling wool over the eyes of namo?) is stupid. It is time he came out of his permanent Fancy dress and used his brain to see what is happening at the grass roots. The IAS officers who are saying nice things to him on his face may be busy pulling the carpet. One lawyer wants to be the next PM or at least a powerful FM. Any guesses who it is? No, it is not AJ, it is his guru. http://www.subramoney.com/2018/02/the-budget-and-ltcg/ http://i.imgur.com/eUYcc.gif | ||
Teluguhero Side Hero Username: Teluguhero Post Number: 2580 Registered: 04-2008 Posted From: 76.106.197.158 Rating: N/A |
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Teluguhero Side Hero Username: Teluguhero Post Number: 2578 Registered: 04-2008 Posted From: 76.106.197.158 Rating: N/A |
http://www.opindia.com/2018/02/to-the-angry-middle-class-rea d-it-before-you-press-nota-or-worse-choose-congress/ To the angry middle class, read it before you press NOTA, or worse, choose Congress The Indian middle class is Outraged. Outraged because Jaitley didnât give any rebates in the Union Budget 2018 for the salaried class, the middle class. It seems to be the general opinion among many in the middle class that Modi has cheated them and fooled them. The anger is real and many sarcastic and angry memeâs and jokes about the budget being shared with gusto. They are ready to vote NOTA rather than elect a âbackstabber Modiâ again. Their rationale being that they wonât vote Congress, they however donât realise that they might indirectly help Congress. Thatâs what I have been hearing from friends, colleagues, neighbours â everyone around. Including those who did not even vote for Modi in 2014. Irony is â even self-declared âNRI intellectualsâ are complaining and shedding tears for the middle class: So what are they angry about? âThere was nothing in the budget for middle-class/salaried-classâ Appears that middle class has confused the Budget with the recurring âDiscountâ âOff-Season Saleâ, âBumper Saleâ, âBig India Saleâ banners that they have got addicted to. Amazon does a âGreat Indian Saleâ in January, Arun Jaitley must do a âGreat Budget saleâ in February. Well, the Budget is not a discount sale. The middle class should stop looking for rebates and discounts, reductions and benefits every year. Salaried class got some rebates this year too, apart from some over last few years. It is incorrect to simply forget that, and ask for rebates every year. Just because Subramanian Swamy talks of âZero Income Taxâ or media speculated about no tax up to Rs 10 lakhs, doesnât make them automatic entitlements to get or an obligation for the government to adhere to. And while we are at it, as a bigger consumer of goods and services, middle class benefited most from the GST regime. Those struggling to make ends meet donât care about restaurants and hotels. You pay 5% GST now, compared to a 18% Service Tax earlier on that dinner out. That rebate is entirely yours. And scores and scores of such other brackets where taxes reduced after GST. It would serve the middle class well if benefits are viewed with complete facts, rather than focusing just on tax rebates or buying Rahul Gandhiâs âGabbar Singh Taxâ idiocy. âWe pay all the taxes! Everyone else lives off usâ This is perhaps the biggest self-serving myth that we in middle class loves to perpetuate. Yes, the number of direct tax assessees in India is very low. That must change, and it has changed a bit. 1.8 million new tax payers added after demonetisation strike. Still only a small 2.76% Indians pay direct income tax â that is estimated to accrue 4.31 lakh crores in FY2017-18 [pdf]. This also includes a lot of professionals/businessmen around us who earn in millions â (but since they can easily use fraud tax practices, present everything from family vacation to family dinner out as a business expense), who pay peanuts as direct taxes. Tax compliance is a different issue altogether. But, stop deluding yourself with the notion that you are the only one paying taxes. Your 4.31 lakh crores in direct taxes is just 19% of the total 22.17 lakh crore tax revenues collected by the Govt. The bulk of taxes collected come from INDIRECT Taxes collected by the govt â GST, levies, etc. â which every Indian, from the poorest of poor to the super rich pay, of course â in proportion of their consumption as per their needs and means. âBut the Budget never benefits us! Itâs always about poor, farmers and corporates. We get nothing.â Firstly, go and delete those posts you shared on social media lamenting about poor farmers, because you didnât mean them. Everyone wants poor to be helped, farmer to be saved â but it should be paid for by someone else. Well, there is no âsomeone elseâ out there, it has to be âusâ. And stop grudging the industry and corporates. There would be no middle class without industry and corporates. You would be poor class in no time, if industry died. So it already indirectly benefits YOU. India need lot more industry and corporates to help more of poor to come up into the middle class. But, wait! That is not all. Budget is all about YOU only! 6 Lakh crores will be spent this year on Roads/Railways/Infrastructure. Who benefits from those? Those who donât have a meal to eat donât care about expressways and faster trains. You have the SUVs to use on those roads. 400+ new Airports will be built across India in tier-2/3 towns. Who benefits from those? Poor donât fly. Super rich have charters. Its middle class who will travel faster or make best of those long-weekend getaways with such a huge infrastructure impetus. Hundreds of new Medical colleges will be opened via budget allocations this year. Whose kids need those? Kids of super rich could any day buy a seat â but hey, they donât even want it, because they have business empires to run. Kids of poor barely make it to high school. Who benefits most from investments in digital India infrastructure and digitization of services? Rs 17000 crores to be spent for Suburban transport in Bangalore and Mumbai alone. Who benefits? Not the farmer in Dharwad or farm labourer in Akola. Not even the super rich who will never take the metro anyways! Rs 22000 Gramin Markets will be setup. Hell, another farmer thing. Yeah, but guess who benefits most. YOU! because you get freedom from extreme inflation cycles. ⦠and scores of such capital investments being made. Middle class has a serious Ghajini disorder! We forget the days of 10-14% inflation under UPA-2 or even when Toor daal prices being at above Rs 200/- in 2015 were a matter of middle class outrage. Where has Toor daal price been since? Did you realise the benefit of those âfarmer friendlyâ steps and meaningless E-NAM market stuff Modiâs previous budgets already accrued to YOU? If the government addresses farmers distress, YOU benefit. Lower deficit means safer future from a resultant stable economy. If the government keeps deficit under control as Modi has â YOU benefit from a lower risk of some future government killing you with even higher taxes. âModi is robbing me of my money. LTCG tax is robbing my savingsâ âI am being penalised for my past investmentsâ, âMy retired fathers savings will be lostâ, âMiddle class is being targeted hereâ, and such statements were fueled by many: This lady â a senior editor in a news channel â is lying and misleading. NO! Your past gains are NOT taxed. Contrary to a lot of fluff in media â Long term gains prior to Feb 1st 2018 are completely protected and not taxed. Only future Long term Capital Gains (LTCG) will be taxed. For more clarity â read this. âBut why should LTCG be taxed? This is robbing the middle-class. What incentive is there to invest in Equity long-term now?â Firstly, Long term gains tax has existed on all other asset classes for ever and way more than STCG! That equity was exempt for so long and is reversed now â is a prerogative of the government today. Would I love free LTCG earning too ? Yes, why not! But then there are a lot of other taxes too I would want freedom from! LTCG tax also brings in LTCL benefits, which no one is talking about. LTCG is NOT Targeting the middle class. Individual equity owners number is a minority in Indian stock markets. As per budget report â a whopping LTCG of Rs 3.76 lakh crore was exempt from taxes in FY17-18. And 85% of this benefit is expected to have accrued to FII/Corporates. Does that sound like middle class which is getting targeted here? And finally, choosing investment options solely on tax saving criteria is patently stupid & smacks of the days middle class bought LIC policies every year for tax saving reasons. If you choose to invest in equity for long-term, do it because equity pays in long-term. Not for the tax waiver it had. âI didnât vote Modi for all this. I hate socialism. He spends too much on poor. Housing, toilets, gas, now healthcare⦠Hows it different from Congress?â If you didnât vote for socialism, I am sorry to inform you â you voted for the wrong campaign. Modi was out and out clear in his campaign. His speeches were full of references to âदरिदà¥à¤° नारायणâ âà¤à¤¨ à¤à¤²à¥à¤¯à¤¾à¤£â âमाताà¤à¤ बहनà¥à¤ à¤à¥ सà¥à¤¹à¤¤â â2022 तठहर à¤à¤¾à¤°à¤¤à¥à¤¯ à¤à¥ सर पर à¤à¤¤â references. Personally â I hate socialism too. But, till the economic disparity gap is narrowed and more of poor enter middle class, you and I have to live with it. âThen how is it different from UPA?â Good question! Firstly, UPA spent more on subsidy than on capital asset creation. And that huge subsidy spend was done with 60-70% leakages and bogus spends. Look at the data on ghost beneficiaries eliminated and the savings on subsidy via Aadhar and DBT in last 3 years. So, your tax money is finally being put to real use. Some people, mostly on the economic right, did object when UPA was spending more on socialist SOPS â higher on subsidy and lower on capex all through its tenure, and that too, with a whopping 70% leakage. When UPA launched NREGA that gave money for doing nothing (and kept 70% of it in the process), we didnât hear lout outrages. We hardly outraged against FSB and RTE, (that too based on a communally discriminatory formula) where 75% must pay for free education of 25% others because Congress messed up the government education sector over past 60+ years of its rule. UPA became unpopular in the middle class because of corruption, not because of socialism. Basically, it was not socialism that shocked us, but leakages. When the right prioritised objecting to corruption more than socialism during UPA, why is the same formula not being applied here where we concentrate more on lack of corruption rather than socialism, which in most cases, is unavoidable in a country like India? There is absolutely NO party in India today which will promise to do away socialism. Not since Swatantra Party died. In fact, our constitution, amended by Indira Gandhi, now has âsocialismâ in its preamble. Modi never ever talked of ending socialism. Go back to his election trail and recheck his speeches. If had talked so, he would have been accused of going against constitution. You outraged against the UPA corruption, leakages, scams, and Modi promised doing this with better effectiveness that it reaches the real needy by eliminating those siphoning from the system. Do you dispute that success today? No one is accusing of any leakages anymore. Ghost recipients have been eliminated and even the NREGA spends are directly going towards Capex/Infra development projects now. So your choice is between paying for it with your taxes⦠or vote NOTA and pay for it with 70% leakage overheads. |