The Union Budget 2024 has sparked intense discussions with taxpayers keen to understand how the new proposals will impact their financial future. In a recent webinar, which is a part of the Investor Education and Awareness initiative by Aditya Birla Sun Life Mutual Fund in association with Outlook Money, panellists put forth some compelling arguments for and against Budget 2024.
The webinar was hosted by Nidhi Sinha, Editor of Outlook Money, and the panellists were K. S. Rao, Head of Investor Education and Distribution Development at Aditya Birla Sun Life Mutual Fund; Harsh Roongta, a personal finance and tax expert; and P.V. Subramanyam, a chartered accountant, author, and trainer.
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The insightful discussion covered everything from the shift towards the new tax regime to the controversial removal of indexation benefits on real estate. Here are the highlights from the discussion:
Rao opened the discussion on a positive note and gave an overall picture. He said, “The best part of this budget is its focus on long-term growth, moving beyond short-term fixes. It’s a roadmap towards a stronger economic future, with priorities in agriculture, employment, and urban development.”
Talking about measures that will benefit taxpayers, Roongta said, “The reduction in TDS rates speaks volumes about the government’s confidence in compliance. But the real concern lies in the changes to indexation benefits. It’s a move that affects every investor, especially those in fixed income.”
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The Budget removed the indexation benefit and announced a flat rate of 12.5 per cent for debt instruments. “Taxing debt instruments without indexation is unethical and immoral. It’s unfair to long-term investors who now face unexpected tax burdens,” said Subramanyam.
The discussion also highlighted the government’s nudge towards retirement savings by launching the NPS Vatsalya scheme. “It could be the nudge we need to start saving early, especially for our children’s future. It’s about changing mindsets and promoting long-term financial security,” said Rao.
This discussion went beyond the headlines, offering in-depth analysis and expert opinions on the Union Budget. Whether you’re a seasoned investor or just starting out, this discussion will provide valuable insights into how the new budget affects you.
Catch the full episode on www.outlookmoney.com and stay ahead in your financial journey.