Finance Minister Nirmala Sitharaman presented her first Union Budget and also the first of the Narendra Modi 2.0 government. Here are 5 key takeaways from Budget 2019: 1) Towards a $5 trillion economy Finance Minister Nirmala Sitharaman opened her speech with a target of making India a 5-trillion-dollar economy. She said that the goal was “imminently achievable" in the next few years. She said India took 50 years to become a $1 trillion economy. The Indian economy was at $1.85 trillion five years back, she added. "We have now reached the $2.7-trillion-mark and would become a $3 trillion economy in the current year," she said. 2) PAN card, Aadhaar interchangeable for filing income tax returns (ITR) Finance Minister Nirmala Sitharaman announced the decision to make PAN and Aadhaar cards interchangeable soon. PAN and Aadhaar have been made interchangeable, allowing those who do not have PAN to file income tax returns (ITR). This means that taxpayers will need either a
Mutual fund investors may have been unpleasantly surprised by a recent tax change for non-equity funds. The Finance Bill amendment, effective as of April 1, 2023, states that all capital gains in non-equity funds, regardless of their length, will be taxed based on the investor's income tax rate. Previously, long-term capital gains in debt funds held for 36 months or longer were taxed at a rate of 20% after factoring in indexation benefits. However, starting on April 1, 2023, all capital gains in debt funds will be included in the investor's income and taxed at their marginal tax rate, which is determined by their income tax slab. The recent tax change by the Finance Minister has eliminated the long-term capital gains (LTCG) tax benefit for debt funds, making their taxation equivalent to that of bank fixed deposits and some government small savings schemes. With this change, some investors are questioning the value of investing in debt funds, as they no longer have a tax advan
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