Budget 2023-24

AnantS

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If one want social security, we would need to pay more money. Western countries have a component called Employment Insurance EI which is collected as an percentages of our salary. If you are fired from job, you are paid 50% or till an max amount for 12 months.
Should implement that for middle class in india.
Mate of you have ever been to US? SSN gets deducted out of your SAlary even if you are not citizen - without any benefit to you! Yes We are any way being taxed to death be it Municipal Tax & Central Govt Swach Bharat Tax. If another Tax - which really secures us in old age - so that we dont end up with Thullu, people would happily support it. Anyway Govt would gets huge pool of public money in form of social security which they can leverage for Infra investment.
 
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Krishnarjun

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How is Indian middle class defined nowadays? What qualifies as high tax rate? What is the ideal average tax rate that will tick all the boxes at individual & country level?

I see so many people around me spending lavishly with modest income & complaining with no savings left at the end of the month, also cribbing over high taxes. If you can't manage your spending-saving-investing balance, you have no right to complain about taxes imo.
 
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Rajaraja Chola

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Mate of you have ever been to US? SSN gets deducted out of your SAlary even if you are not citizen - without any benefit to you! Yes We are any way being taxed to death be it Municipal Tax & Central Govt Swach Bharat Tax. If another Tax - which really secures us in old age - so that we dont end up with Thullu, people would happily support it. Anyway Govt gets huge pool of public money which they can leverage for Infra investment.
Not been to US so no idea of their system. But in Canada, you get benefit irrespective of your legal work status, work or PR or citizenship.

As for retirement stuff, it’s better you start some plans with SBI , I don’t trust private bankers with retirement plans. Plans start like 3k a month for 50-65k per month after retirement. I think it’s lot better that way.
 

jackprince

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Slight correction- Education loan & principal part of home loan is covered under 80C. Even if NPS is taxsaver, you are paying out of pocket for future benefit so that's indirect. While new scheme will deduct 7 lakh directly from your taxable income. Plus it allows deduction of interest on home loan in a rented out property. Isn't NPS also covered under new tax regime?
Education Loan - 80E - Over and above 80C. No celieng limit.

NPS - 80CCD (1b) - upto Rs.50K Over and above 80C.
80CCD(2) - upto 10% of salary - employer's contribution - many companies have this. It falls within Rs.1.5Lakh of 80C.
NPS has no benefit under new tax regime.

Medical - 80D - Rs.25K over and above 80C
80DD - upto 1.25Lakh over and above 80C

Donation - 80G - upto Rs.25K over and above 80C. Many really good NGOs will go under gradually, when the malignant NGOs will continue to enjoy the patronage from overseas.

Home Loan Interest - Section 24 - Rs.2 Lakh. Over and above 80C.
Section 24 (b) - No limit for rental property. Over and above 80C.


Additional benefit of Old Tax Regime:

1. Young workers are encouraged into saving money for future which aligns with Indian traditional mindset and which has provided much needed support for Indians in many critical junctures of the economical storm that India had faced till date.

2. People are encouraged to invest in life insurances and medical insurances, which create a layer of security that the Govt doesn't have to cater to.

3. The money put in such savings still gets infused into economy, although in a safer insturments such as bonds and largecap companies. This way the corporates get access to the necessary funds in form of loans/corporate bonds and also the overall market volaitility is balanced.

4. Every segment that is needed to be focused on, can be introduced to the public through tax exemptions/deductions. Like the infrastructure bond of FY2011-12 where Rs.20K was allowed to be exempted over and above 80C. They can't do it with new regime as the whole purpose will be a failure and they look stupid - i.e. true self.

5. Deductions in home loan actually impacts the economy both negatively as well as positively. The home as asset lures in many investors which in turn keeps a very large sector in the market afloat. Reduction in demands in home loans will negatively impact banks and other financial services companies, various housing sector companies like cement, steel, plywood, wires and cables etc. which actually provides a very large segment of organised workforce. The negative part is seen in cities like Mumbai and Bangalore where the housing market touches heavens, forcing common people out or pour in all their savings, leaving little for consumption.

So, judge yourself. The consumption that Modi wants to increase will come at a cost.

Yes, there is some not so little benefits in new tax regime for a man who doesn't have any such savings. But, are those savings good or bad for the society and the overall economy? What happens when majority of people switches to the new tax regime and a consumption driven economy - mimicking the West takes root in India. Would it be able to survive an Adani moment?

Heck, is Adani the Lehman Brothers for India?
 
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jackprince

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How is Indian middle class defined nowadays? What qualifies as high tax rate? What is the ideal average tax rate that will tick all the boxes at individual & country level?

I see so many people around me spending lavishly with modest income & complaining with no savings left at the end of the month, also cribbing over high taxes. If you can't manage your spending-saving-investing balance, you have no right to complain about taxes imo.
I would say the scenario actually makes it more important that savings based tax regimes should be encouraged more. Market liquidity shouldn't be the sole goal, because the retail investors don't have the vision and more the retail investors come into the market directly, the more they can influence and endanger the stability of the market.
 

jai jaganath

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you are barely left with anything after paying almost 42% as direct tax and another 20-30 percent as GST / all kind of cess and what no ....As i said.. Kaka is taking us on holy path same as US / europe but do not realises that ours is diff country with 4 times population and 1/4 land with no natural resources...
And that to with nil social security provided by govt
 

mist_consecutive

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Aniruddha Mulay

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Sad thing is, Navy's budget seems there is no Rafale-M deal this year :frown:

Also, IAF budget for aircraft slashed aggressively. Which means, yep, no follow-on order for Rafale, no MRCA, or even Tejas Mk1A follow-on order.

Don't blame IAF when Tai can't loosen her batua.
LoL, unless you have been living under a rock, everyone knows that the complete payment for these multi billon dollar contracts isn't made upfront, its spread out over several years, the standard being 5 years.
 

ezsasa

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Sad thing is, Navy's budget seems there is no Rafale-M deal this year :frown:

Also, IAF budget for aircraft slashed aggressively. Which means, yep, no follow-on order for Rafale, no MRCA, or even Tejas Mk1A follow-on order.

Don't blame IAF when Tai can't loosen her batua.
we'll know when macron comes in march/april.
 

mist_consecutive

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LoL, unless you have been living under a rock, everyone knows that the complete payment for these multi billon dollar contracts isn't made upfront, its spread out over several years, the standard being 5 years.
Ramanujam boy,

Budget for 2022-23 - 18966.18 Cr
Budget for 2023-24 - 15721.65 Cr

We signed a deal for 36 Rafale in 2016 for 69602.52 Cr, adjusting inflation of 6 years at a generous 5% per year compound interest comes at 104,656.46 Cr, which is divided by 6 (delivery starts after 2 years, 4 years to complete 36 no.) comes at 104656.46 / 6 = 17442.74 Cr per year.

Now, this year's budget for the purchase of jets & engines is 15721.65 - 17442.74 = -1721.09 Cr.
Even, let's say we overspend on this budget, which we did this & last year, it will still not be adequate. Unless we explicitly allocate a hefty amount to air force, this will not be possible.
 

Aniruddha Mulay

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Ramanujam boy,

Budget for 2022-23 - 18966.18 Cr
Budget for 2023-24 - 15721.65 Cr

We signed a deal for 36 Rafale in 2016 for 69602.52 Cr, adjusting inflation of 6 years at a generous 5% per year compound interest comes at 104,656.46 Cr, which is divided by 6 (delivery starts after 2 years, 4 years to complete 36 no.) comes at 104656.46 / 6 = 17442.74 Cr per year.

Now, this year's budget for the purchase of jets & engines is 15721.65 - 17442.74 = -1721.09 Cr.
Even, let's say we overspend on this budget, which we did this & last year, it will still not be adequate. Unless we explicitly allocate a hefty amount to air force, this will not be possible.
If the IAF needs additional money for aircraft procurement, it can simply ask the GOI for it, these budgets aren't fixed.
 

mist_consecutive

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If the IAF needs additional money for aircraft procurement, it can simply ask the GOI for it, these budgets aren't fixed.
Oh if it was so easy we would have signed a 126 MMRCA deal for Rafale in 2012 itself after MMRCA completion. These budgets aren't fixed, sure, some 1000 Cr ups and downs can be managed, not a 20,000 Cr / year jolt.
 

rock127

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Why Notebandi was so important. Here is one of the big reasons.

KHANGRESS helping BHIKHARI PAKISTAN to destabilize India. Pravav Da tried to stop but again Chiddu terrorist allowed it on the command of Waitress Antonia Maino the Vatican Agent.

1675285050235.png


 

jackprince

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So budget verdict is out today. See the market. It is not only the Adani effect as stocks in almost every sector is red. The whole financial sector stocks are in red, without any exception. She simply doesn't know anything at all. Totally detached from realities of ground. I don't know why Modi have faith in her. If she is the best in the bucket Modi could find to hold such an important ministry, I shiver to think what poor goods could be the bucket holding!
 

NutCracker

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Budget for 2022-23 - 18966.18 Cr
Budget for 2023-24 - 15721.65 Cr
what sub category these numbers denote ?? IAF or Navy ?

Isnt Navy Capex 53000Cr ? Is it not internally fluid/ transferable from one sub category to other to other ?
 
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Roshan

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How is Indian middle class defined nowadays? What qualifies as high tax rate? What is the ideal average tax rate that will tick all the boxes at individual & country level?

I see so many people around me spending lavishly with modest income & complaining with no savings left at the end of the month, also cribbing over high taxes. If you can't manage your spending-saving-investing balance, you have no right to complain about taxes imo.
Even people in the highest tax bracket in India consider themselves 'middle class'. It's a big category from 2-3 lpa to 2-3 cpa. :lol:
 

tsunami

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Congress IT cell in full form as seen in this thread. Mark my word BJP is coming back if you whine like little kids.

Try to appericate good policies and shame bad ones but if you act like that then don;t even think people are stupid these days.
Abe yar again this stupid IT cell argument. No one said we are not going to vote for BJP because. But we want a Hindu party at center doesn't mean we can not expect a little bit of real tax relief. You guys need to grow up from BJP IT cell and Congress IT cell mindset. Not even 0.001% active voters are here to be targeted by IT cells.
 
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