News

Higher tax on capital gains, other passive incomes on cards as mostly rich people get the benefits

Higher tax on capital gains, other passive incomes on cards as mostly rich people get the benefits

The 2022-2023 Union Budget lays the roadmap for India@100. During her speech introducing the Union Budget, Finance Minister Nirmala Sitharaman announced initiatives for, amongst other sectors, the ‘7 engines’ of the economy. Although the government has predicted higher revenue recovery in FY 2022-2023 (Rs 19.25 lakh crore) to support these initiatives, given that over Rs 12 lakh crore in revenues raised by the government are being disputed, an increase in tax rates, or the imposition of new taxes, may be required to boost actual recoveries.

Top