Personal Finance13mo
by SillyDonutTCS
Do you look forward to Union Budget?
Btw this year it's interim budget as current government will go for mandate in 2024 May.
So, what to do you think on tax rebates, nps and populist schemes again.
WigglyBanana
Discuss: Union Budget 2024
Creating this for all budget thoughts and reactions. This was an election year, hence the late union budget.
My pointers:
- Expectations that middle class will not be happy, taxes will get steeper (it's been a trend with the current govt). Let us see
- In the last 7 years, except for 2021 (anomaly), 1 month into the budget announcement: markets have always fallen in the range of 1 to 7%. Expect some portfolio damage.
- Expected that there will be push towards renewables, friend suggested buying renewable stocks like Adani, Tata Power (I don't do shorter term stuff tho)
- There's an appeal to include Bangalore in the list of cities with 50% HRA exemption. So far it hasn't been.
Just some things I read. Let's talk tomorrow as it unfolds.
PS: Bit excited cuz in college I remember our finance teacher had live streamed it and made us take notes, giving me those vibes again :D
7mo ago
PrancingNugget
Stealth7mo
Will be honest here: stay away from Adani Green and Adani Power.
WigglyBanana
Stealth7mo
Interesting, why?
PrancingNugget
Stealth7mo
@AlphaGrindset Let's talk one by one. Adani Green has a PE ratio of over 250, while the sector PE is 33. Now, I know that when a company has a good future, PE doesn't make much sense in the short term, but that is only applicable if the company has a monopoly. However, that is not the case for Adani. Adani's total renewable energy portfolio is less than 15 GW, and there are other companies with similar portfolios, like ReNew, Greenko, NTPC, and many more. If you look at the PE ratios for others, it is less than 50, and they are also growing with a good future. Even if Adani Green increases their portfolio by 5-10% CAGR, it will still take years to justify its stock prices.
One of the major red flags is that less than 2% of mutual funds are invested, while FIIs hold more than 21%. So, who are these FIIs? Have you ever seen such a pattern in any other stock? I don't want to talk about it much; if you know, you know.
DerpyKoala
NTT Data7mo
The salaried middle class is a cash cow, and further this is a selfish category, they don't protest, don't do dharna or raise a voice firmly against the govt. They can't take a leave from the job for these stupid things unless it directly impact them. Salaried middle class are meant to be exploited and they will be going to be exploited. So pay your taxes before 31st July and don't ask for any free healthcare, free education or any govt schemes.
DerpyMuffin
Quizizz7mo
Salaried middle class is both a minority - less than 7% and also the biggest voter for BJP and as a result BJP will take them only for granted. If you want a budget that benefits you then you must organise
FloatingMarshmallow
Stealth7mo
I just wanted to understand one thing (might be a noob question), people are saying the salaried middle class are paying more tax, but the people with income more than 15 lakh will have to pay 30% tax. So who comes in this bracket?. Middle class only?
PrancingPotato
Stealth7mo
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Deduction of expenditure of employers towards NPS to be raised to 14% from 10% of salary.
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Short -term capital gain on some financial assets (details awaited) to be taxed at 20%.
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Long-term on financial and non-financial assets to be taxed at 12.5%. Limit raise on exemption of capital gains on some financial assets (Details Awaited) to Rs 1.25 lakh per year.
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Credit of TCS proposed to be given in TDS to be deducted in salary. (Idk what this means - more to be looked/studied in the details)
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Corporate tax rate on foreign companies reduced to 35% from 40%
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Internships in top companies is the theme: 500 top companies to offer internships to 1 cr. youth. (internship allowance of 5000 per month, one time 6000. 10% of internship costs can come from CSR).
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Digitization of terrestrial maps! This is a game changer for land. Huge for RE/agri lending, for urban land records. They will get across the country GIS mapping.
PerkyWalrus
CARS247mo
As usual: Rich get richer, poor get poorer
JumpyMarshmallow
LTIMindtree7mo
Middle class are meant to be exploited as per this budget.. we just pay taxes everywhere
JazzyBoba
Santander7mo
@DaringTrain we pay taxes and never grow out of the middle class
CosmicQuokka
Paralleldots7mo
budget as usual, absolute 💩
for the new guys, not too long ago tax on stock gains was 0%
SillyRaccoon
TCS7mo
Wait how long ago😭
CosmicQuokka
Paralleldots7mo
It's always been on off but during 2004-2014 LTCG was 0 the sometime after current bjp govt came it was hiked to 10%
In not too distant future be ready to shell out 30-40% tax on any kind of capital gains, already indexation benefits are removed.
JumpyTaco
DancingWaffle
TCS7mo
😆 so funny
ZoomyRaccoon
Not funny at all !
WigglyBanana
Stealth7mo
Special budget for Bihar and AP. Explains why Nitish and Naidu were okay with non cabinet ranks.
PrancingPotato
Stealth7mo
@AlphaGrindset Yeah, makes sense now. 26K Cr and 15K Cr.
PerkyMochi
Bihar is more than that. New expressways have been announced, tourism support, flood relief. Total is around 1L cr
Discover more
Curated from across
by PerkyNoodleAnalyst
Union Budget 2024 (aka) How to screw middle class? 🤷🏻
- No changes in old regime.
- No tax reliefs.
- No changes in 80C
- Increased STCG and LTCG for stock and MF investments.
They increased the standard deduction in new regime from 50k to 75k and called it as "a tax relief to middle class"
by SqueakyMarshmallowFinance Consultant
News Discussion13mo
by FloatingUnicornFreshworks
Interim Budget 2024
No tax relief for salaried class. What are your thoughts on the overall budget? What reforms were you awaiting or what do you think are absolutely necessary to uplift the middle/ below middle class of the country?