The Union Budget that was presented on July 23 has resulted in reactions from all corners of the country and the world at large.
The Union finance minister, Nirmala Sitharaman, who was understandably the face of the budget, has also had to defend the government's budget at various instances, including different gatherings and interviews over the past week.
In a recent television interaction with India Today's Rahul Kanwal, FM Sitharaman, apart from answering questions on different aspects, including the most-discussed 'Middle-Class Issue', was also fielded questions on taxes on long-term and short-term capital gains, in addition to taxation on dividends.
The same question acquired a unique form when Vijay Kedia, an ace investor who was in the audience, chose to express his concern over the 'double taxation' through a song.
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'Dividend Pe Tax Bar Bar'
Wielding the microphone while directing his attention and his voice towards the FM, Kedia sang, "Kehana Hai, Kehana Hai, Aaj Madam Se pehle bar'. He continued, Dividend ke upar lethi ho tax bar bar."
He added to his song with the verse, 'Madam kahi, don't you worry, beti hu main karni saari chinta due teri', 10-trillion ki economy ki ho rahui hain tayari."
The song took a jibe at what Kedia deemed double taxation on dividends.
The Middle Class Mayhem
This comes amidst criticism of the budget over its ostensible inability to provide anything substantial to the middle class.
A great amount of discontent has been incurred on account of that. In addition, there have also been concerns over the increase in capital gains tax for Short Term capital gains and Long Term Capital Gains, which has been increased from 15 per cent to 20 per cent and from 10 per cent to 12.5 per cent respectively.
The changes in the taxation regime. |
The FM, however, has responded to the criticism by claiming the Middle Class has been aided by the simplification of the tax regime, apart from minor tweaks in the new tax slabs.
