The upcoming budget should consider exempting intra-scheme transfers from capital gains tax, empowering investors to actively manage their portfolios without the fear of additional tax liabilities. This move not only encourages financial prudence but also allows ordinary individuals to grow wealth from their savings effectively.
Furthermore, tax benefits for property purchases, especially in Tier II and Tier III cities, should be enhanced to promote investment in real estate. Senior citizens also face taxation on retirement funds, which could be exempted to provide relief and support for their financial well-being.
The government should also focus on improving insurance benefits under the tax regime, aligning with IRDAI’s goal of ‘Insurance for all’ by 2047. A more progressive budget that eases tax burden for the middle class, who are significant contributors to India’s growth, can lead to economic stability and increased consumer spending.
Overall, a realistic tax regime that addresses the needs of the middle-class is crucial for economic prosperity, and the upcoming budget should prioritize this segment of society. Let’s hope that the Narendra Modi-led government’s budget brings relief to the middle class.
(Puzhankara Sivakumar is a practising company secretary, Ranjith Krishnan is a sustainability consultant, and Anju Panicker is director, SEP Learning and Corporate Solutions Private Limited.)
Disclaimer: The views expressed above are the author’s own. They do not necessarily reflect the views of DH.
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