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on 23rd of July 2024 Union Finance
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Minister nirmala sitaraman presented the
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union budget for the financial year 2024
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2025 now this is her seventh consecutive
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budget presentation and the first budget
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presentation of the new government which
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was formulated after the general
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elections of 2024 hence it becomes even
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more important because this budget will
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lay the outline for the workings of the
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government for the next 5 years and will
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also show the path to the government for
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the next consecutive four budgets which
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is why this budget becomes very very
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important for us to understand now
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honorable prime minister Narendra Modi
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has praised this budget and said that
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this budget is for all sections of the
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society and will help India in becoming
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a wxit bat by the year 2047 so we help
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in developed India by 2047 when India
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completes 100 Years of its independence
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however former Finance Minister pamam
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while highlighting the criticisms of the
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budget said that this budget fails to
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assure to the people of India that how
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inflation would be controlled in the
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country and he also highlighted the
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concerns in relation to unemployment
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situation in our country and said that
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this budget gives too little for
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improving the condition of
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unemployment now as always many quarters
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have praed this budget for different
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aspects and several other quarters have
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criticized this budget highlighting some
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missed opportunities and lack of
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importance given to certain sectors so
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what the budget of 2024 is all about
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what are the changes highlights and
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initiatives introduced in the budget
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what are the positives and negatives of
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of the budget and all the other
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analytical aspects which we need to know
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in relation to the budget we'll be
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trying to understand in this particular
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session hello my name is pretal Singh
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and today we would be analyzing the
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budget of 2024 now let's start from the
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very Basics and let us try to understand
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that what does this term government
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budget means so budget is a forecast of
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the government's expenditure and revenue
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for the coming next year the first
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budget of pre-independent India was
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presented in the year 1816 by the person
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named as James Wilson of the British
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Indian government now after Independence
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India's first budget was presented in
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1947 by the then Finance Minister RK
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Shan mukham chti Union budget is
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presented every year on 1st of February
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by the Finance Minister in Lok SAA
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however the union budget for 2024 20125
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was presented on 23rd of July 2024 the
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reason is that interim budget was
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presented in February 2024 and why this
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was the case because this year was the
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year of general elections now as per
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article 112 the president shall in
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respect of every Financial year causes
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to be laid before both the houses of the
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parliament a statement of the estimated
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recepts and expenditure of the
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government of India for the year in that
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part it is referred to as annual
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financial statement so budget is known
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as annual financial statement as per the
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article 112 of Indian constitution so
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interesting thing to note here is that
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the term budget does not find any
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mention in the constitution of India and
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what is mentioned in the constitution of
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India the annual financial statement now
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theoretically speaking if you have to
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understand the classification of a
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budget budget is classified under two
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categories one is the revenue budget
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another is the capital budget now the
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revenue budget deals with the regular
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reips and the regular expenditure of the
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government and the capital budget it
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deals with basically the assets and
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liabilities and changes in the assets
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and liabilities in relation to the
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government we'll understand how it is
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the case if we see the revenue budget it
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is divided again under two categories
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one is revenue receips another is
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revenue expenditure now Revenue receips
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in involves the incomes or the recepts
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of the government in relation to its
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ordinary course of governance so these
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recepts does not create any liability
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and does not lead to reduction of any
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assets of the government of India and
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they are in turn classified into tax and
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non-t tax reips and on the other hand
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Revenue expenditure is the expenditure
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incurred by the government of India in
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its day-to-day functioning in its
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regular day-to-day
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functioning now this expenditure does
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not lead to creation of any asset and
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does not lead to reduction of any
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liability as and this is what the
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revenue budget entails the other part of
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the budget is the capital budget and
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capital budget again is classified under
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two heads one is the capital receips and
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one is capital expenditure now Capital
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receips are the receips which creates
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any form of liability for the government
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or leads to reduction of any assets of
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the government so for example loans they
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create liability for the government so
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are capital receips or for example
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disinvestment they lead to reduction of
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assets for the government and that is
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why they are part of capital reips
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another part is capital expendition
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now any expenditure which leads to
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creation of any asset or reduction of
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any liability of the government of India
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is what we call as capital expenditure
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for example repayment of loans it leads
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to reduction of liability for the
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government and hence it is a capital
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expenditure or creation or money spent
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on building roads building Railways it
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leads to creation of assets for the
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government of India and hence again it
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is a capital expenditure so again this
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is what the capital part of the budget
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entails and there is a budget division
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under the Department of Economic affairs
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which is really having the task of
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preparation of the Union budget now
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budget is presented by the union Finance
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Minister consisting of two parts Part A
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and Part B so basically part A is the
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macroeconomic part of the budget where
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new schemes and priorities of the
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government are announced and allocation
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to different sectors are made Part B
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deals with the finance bill which
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basically contains taxation proposal and
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how the government would be taxing the
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public of India or the people of India
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in relation to income tax that is direct
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access and indirect access now major
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budget documents apart from the finance
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Minister's budget speech which are
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presented to the parliament are the
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annual financial statement under the
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article 112 demand for Grants under
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article 113 finance bill under article0
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and fiscal policy statements which are
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mentioned under the F frbm Act of 2003
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that is fiscal responsibility and budget
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management Act of 2003 now under that
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there are two basic statements first is
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the macroeconomic framework statement
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and and another is the medium-term
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fiscal policy come fiscal policy
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strategy statement now very interesting
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thing to note here is that before the
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year 2016 there were two separate
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budgets which were presented in the
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parliament one was the General budget
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and another was the railway budget and
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this practice for separate Railway
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budget was started in the year
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1924 and was done on the recommendation
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of awwards committee however in 2016 a
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committee composed of B de Bry and Kish
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Desai suggested and recommended that
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this exercise should scrapped so on 21st
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of September 2016 the railway budget was
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merged with the general budget and from
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2017 onwards only single budget that is
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the general budget was presented before
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the parliament of India now if you have
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to understand the entire process of
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budgeting in our country it can broadly
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be divided under five different steps
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first step is when the budget is
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presented in the Locs SAA second is the
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general discussion on the budget in both
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of the houses third is when the standing
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committees they scrutinizes individual
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min demand for Grants the fourth step is
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the detailed discussion and voting on
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demand for grants in the Lo SAA and last
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stage is the appropriation and the
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finance bill passing so it is the stage
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where the appropriation bill and the
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finance bill is passed by the parliament
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of India and budget is deemed to be
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passed by the country so the printing of
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the budget basically starts one week
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before the presentation of the budget in
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the Parliament and it starts with the
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halwa ceremony where halwa is prepared
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in large quantities and is served to the
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officials and the support staff which
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were involved in making the budget now
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this halwa ceremony also starts the
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lockin period for the finance ministry
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staff where they cannot come in contact
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with the outside world now earlier this
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lockin period lasted for long it lasted
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for 2 weeks or 3 weeks now it just lasts
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for one week because of the digital
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presentation of the budget and
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requirement of the budget not to be
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printed more on 1st of February 2021
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Finance Minister Nala siar Raman
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presented the first paperless budget of
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Independent India she took a digital
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tablet which was wrapped in a bik Kata
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styled Bouch and it was considered as a
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move to strengthen the movement of
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digital India in our country now as the
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established tradition Finance Minister
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first meets the president and asks for
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the ENT of the president in the
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rashtrapati bav before leaving for the
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parliament for the presentation of the
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budget also a meeting of the Union
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cabinet is also held at 10:00 a.m. in
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the morning on 1st of February and after
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getting know from the cabinet Finance
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Minister then presents the budget in the
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parliament now since we have in-depth
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understanding of the annual Finance
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statement or the union budget of India
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let us try to analyze the union budget
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of 2024
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2025 now first thing which we need to
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understand is that this particular
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budget is built on the road map of vixit
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bhat that is developed India by the year
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2047 and primarily this budget will be
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focusing on four major costs that is
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women youth poor and farmers and this
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was also highlighted in the speech of
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the Union Finance Minister as well and
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also the budget theme is under four
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different Cate categories that is
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employment Skilling msmes and middle
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class as well also this particular
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budget has highlighted nine key priority
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areas which our country would be
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focusing in the next one year and where
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the major outlay of the government would
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be the first priority area is the
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productivity and resilience in the
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agriculture sector so agriculture sector
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is the first priority area second is the
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employment and Skilling third is the
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inclusive and human resource development
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which also involves social justice
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fourth is manufacturing and service
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sector fifth is the Urban Development
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sixth is energy security seventh is the
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focus on infrastructure development
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eighth is the focus on Innovation
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research and development in the country
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and last but not the least is the focus
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on Next Generation reforms for our
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country all these key priority areas
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combined together will lead to our
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country becoming developed by the year
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2047 and that is what our budget also
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entails and focuses on now in all these
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key priority areas there have been
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several new initiatives which have been
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announced by the government of India if
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we talk about the first priority area
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that is agriculture sector in
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agriculture sector the government would
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primarily be focusing on transforming
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agricultural research transforming
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research and development in the
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agriculture sector and also focusing on
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vegetable production and the Supply
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Chain management in this particular
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sector also additional to this close to
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109 High yielding variety of climate
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resilient varieties of 32 horiculture
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crops will be released for the
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cultivation of the farmers and also onek
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Farmers would be initiated into natural
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farming in our country now natural
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farming as you know is very climate
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friendly and is also very much important
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for climate goals which our country has
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set now government is coming with a new
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centrally sponsored scheme for Skilling
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the Youth of our country if you remember
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we are already having skill India
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program working in our country
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additional to this a new initiative
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would be coming up with the motive of
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Skilling 20 lakh youths in our country
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in the next 5 years and also close to
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1,000 industrial training institutes
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will be reamed and remade also the
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course content and the design and the
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curriculum of the courses will also be
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changed suiting the industry demands
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also a new scheme for the internship in
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top 500 companies for one CR youth in
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our country will also be launched so it
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is basically a new internship scheme for
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the Youth of our country which will be
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sponsored by the government and
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additional to this three more schemes in
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relation to those who are joining the
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job for the first time second scheme for
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the job creation in the manufacturing
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sector and third scheme to support the
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employers would also be launched in the
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coming year now coming to the third
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priority area in relation to inclusive
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human resource development and social
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justice now to ensure this government
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has come up with the concept of purvia
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that is vikas b vasad b it is basically
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a plan for Endor rich areas in our
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country to generate economic growth to
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attain vixit bat by 2047 and allocation
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of close to 3 lakh cres for women and
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children in our country would also
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promote social justice in our country in
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a holistic way and also for the
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northeastern region in our country to
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boost Financial inclusion in the region
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and to boost connectivity close to 100
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Indian post payment banks will be
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constructed or will be made now in
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relation to the manufacturing and
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services as well credit guarantee scheme
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for msmes will be announced new
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assessment model for msme credit will be
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announced mudra loans limit has been
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enhanced to 20 lakh from the current 10
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lakh Rupees and also several other
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opportunities in relation to internship
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has also been promoted to ensure
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manufacturing and the service sector of
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our country becomes robust now in
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relation to the Urban Development there
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have been changes made in the stam Duty
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and the government of India has
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encouraged the states to lower stamp
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Duty for the properties purchased by
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women also the government of India is
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envisioning a scheme to develop 100
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weekly huts and street food hubs in the
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select cities also there have been
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changes made in relation to Transit
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oriented development water management
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and pradhanmantri AAS yoga Urban 2.0 as
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well now in relation to energy security
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as well there have been several
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initiatives with private sector and
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nuclear energy as well whether it be
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bhat small reactor or whether it be
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promotion of R&D of the bat small
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modular reactor and newer Technologies
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for the nuclear energy as well Pumped Up
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Storage policies there then a USC
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thermal power plants and energy audit
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and PM suar mu B Yoga has been envisaged
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in this particular budget now in
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relation to the infrastructure sector
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close to 11.11 lakh that is 3.4% of the
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GDP has been provisioned by the
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government of India also several
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initiatives to promote irrigation and
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flood mitigation and tourism in our
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country have also been introduced in the
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budget of 2024 in relation to the
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Innovation research and development as
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well there have been operationalization
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of anusandhan national research fund for
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basic research and prototype development
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as well and also the private sector
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driven approach and innovation has been
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there in the union budget as well and in
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relation to the Next Generation reforms
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rural and urban land related reforms
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have been initiated by the government of
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India it might include the unique land
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partiel identification number or bhadar
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for all the land and several other land
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record measures and land reform measures
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as well also the provision of NPS Vela a
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plan for the contribution by the parents
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and Guardians for the minor or whether
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it be the changes in the new pension
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scheme all the things have been
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initiated in the budget of
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2024 now since we have understood that
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what all measures the government has
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taken in relation to all the nine key
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priority areas one more thing which I'd
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like to add here is now if you want to
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understand all these initiatives of nine
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key priority areas in bit more detail we
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have attached a PDF in the description
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section of this particular video you can
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use the PDF and understand more about
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the budget
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20124 and now since we have understood
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all these things let us try to make
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sense of different statistics which are
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mentioned in the budget of 20124 and let
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us try to analyze those statistics as
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well now as you would remember initially
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I told you there are two parts of the
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budget one is the capital budget and one
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is the revenue budget now Revenue budget
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and the capital budget basically are
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having two components again that is
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expenditure component and receipts
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component so let us start one by one let
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us look at the expenditure first and
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then we will look at the receipts so the
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budget expenditure for the year 2024
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2025 is close to 48.2 lakh crores which
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is basically
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88.5% higher than that of previous year
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out of this 48.2 lakh cres 37.1 lakh is
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the revenue expenditure which again
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means the routine expenditure which is
00:15:26
done on the day-to-day workings of the
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government which includes salaries
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pensions or any other expenditure of the
00:15:31
government which is of day-to-day
00:15:33
activity and additional 11.11 lakh cros
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is the capital expenditure of the
00:15:38
government of India which we also call
00:15:39
as capex that is money spent by the
00:15:41
government of India on creation of
00:15:43
various assets for example building dams
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roadways Railways ports buildings and
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several other asset classes as well now
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if we see the budget allocation to
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different Ministries that is the
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expenditure incurred on different
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Ministries the defense Ministry gets
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close to 6.2 lakus the road transport
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and Highway Ministry it got close to
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2.78 lakus railway Ministry got close to
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2.55 lakos and few other important
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Ministries like Agriculture and farmer
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welfare got allocated 1.32 lakos or the
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Ministry of Education was allocated 1.2
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lakh and Ministry of Health and Family
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welfare got close to
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9,959 cres now all these data sets at an
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approximate value are important for us
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to understand and to know as as well and
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also one very interesting thing to note
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here is that the interest payments
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account for close to 24% of the total
00:16:36
expenditure of the government of India
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now since we have understood the total
00:16:39
expenditure that is the budget
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expenditure let us move towards budget
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receips that is the money which the
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government receives now what you have to
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understand here is that all these datas
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are the projected expenditure and the
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projected receipts of the government of
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India for the coming Financial year that
00:16:54
is the financial year of 2024 and 2025
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so all these dat datas are projected
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after that there will be datas released
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for the actual classification now in the
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next year the actual data the actual
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reips and the actual expenditure data
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will also be released by the government
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of India all these datas which we are
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studying right now are the projected
00:17:12
datas the total recepts of the
00:17:14
government of India expected in this
00:17:16
financial year is close to 32.7 lakh
00:17:19
Euros which is 15% more than the last
00:17:21
year and out of this 32.7 lakh Ros close
00:17:25
to 31.2 N lakh Ros is the revenue
00:17:28
receipts
00:17:29
that means it includes tax revenues like
00:17:31
income tax corporation tax indirect tax
00:17:33
and several other taxes as well and
00:17:35
close to 78,000 crores is in the form of
00:17:38
capital recepts that is in relation to
00:17:40
changes in assets and liabilities of the
00:17:42
government now first of all let us see
00:17:44
the taxation part separately the gross
00:17:46
tax revenue of the government is
00:17:48
projected to be close to 38.4 lakh so
00:17:52
10.2 L cor out of this whole amount
00:17:54
would be received by the government of
00:17:56
India in the form of corporation tax
00:17:58
close to 11.87 lakh would be received by
00:18:02
the government in relation to the taxes
00:18:03
on income that is income tax and close
00:18:06
to 10.6 lakh is the expected Revenue out
00:18:09
of the goods and services tax for the
00:18:11
government of India and additional to
00:18:13
this the revenue from the customs and
00:18:15
the excise duties will also be there now
00:18:17
if we see very closely we understood
00:18:20
that 48.2 lakh will be the total
00:18:22
expenditure that is the total budget
00:18:24
expenditure and 32.7 lakh cres will be
00:18:27
the total receips of the government that
00:18:29
is the budget recepts of the government
00:18:30
now what we can see clearly and what we
00:18:33
can observe clearly here is that the
00:18:34
expenditure of the government of India
00:18:36
is higher a lot lot higher than that of
00:18:39
the recepts of the government of India
00:18:41
that means the money which the
00:18:42
government of India would be spending is
00:18:44
much higher than what the government of
00:18:45
India would be receiving which clearly
00:18:48
shows and which clearly means that
00:18:49
government of India needs to borrow the
00:18:52
additional money for meeting its
00:18:53
expenditure and that borrowed money is
00:18:56
what we call as fiscal deficit so the
00:18:58
difference between 48.2 lak and 32.7 lak
00:19:03
is close to 16.13 lak and this 16.13
00:19:07
lakh becomes the total borrowings which
00:19:10
the government has to make in order to
00:19:12
ensure that they meet its expenditure
00:19:14
and this 16.13 lakh row will be the
00:19:17
fiscal deficit of our country now in
00:19:19
simple terms fiscal deficit basically
00:19:22
refers to the excess of expenditure in
00:19:24
relation to the receips of the
00:19:25
government so it is the amount by which
00:19:28
the government expenditure exceeds the
00:19:30
government's receipts in a particular
00:19:32
fiscal year or a particular Financial
00:19:33
year and it indicates the total
00:19:36
borrowings which the government has to
00:19:38
make now you must have heard of a very
00:19:39
famous act that is fiscal responsibility
00:19:42
and budget management Act of 2003 that
00:19:44
is fbm act of 2003 now it requires the
00:19:47
government of India to progressively
00:19:49
reduce its fiscal deficit levels and it
00:19:51
is having certain targets which the
00:19:53
government of India has to achieve in
00:19:55
the coming few years in order to contain
00:19:57
its fiscal deficit the estimated fiscal
00:19:59
deficit for the year 2024 2025 would be
00:20:03
close to 4.9% of the GDP now whereas the
00:20:06
actual fiscal deficit for the last year
00:20:08
was close to 5.6% of the GDP also if you
00:20:11
remember in the year 2021 the fiscal
00:20:14
deficit of our country was close to
00:20:17
99.2% and now since it is 4.9% for the
00:20:20
projected next year we have come a long
00:20:22
way and we have improved our fiscal
00:20:24
deficit position because of fiscal
00:20:26
consolidation and fiscal Prudence in our
00:20:28
country and if you continue doing this
00:20:30
the government of India will reach the
00:20:32
fbm target of 3% fiscal deficit by the
00:20:34
year 2028 now also additional to the
00:20:37
fiscal deficit the projected Revenue
00:20:39
deficit would be 1.8% and the projected
00:20:42
primary deficit would be close to 1.4%
00:20:45
of the GDP now the revenue deficit is
00:20:47
very simple it is basically the amount
00:20:50
to which Revenue expenditure exceeds the
00:20:51
revenue receipts however primary deficit
00:20:54
basically involves fiscal deficit minus
00:20:56
the interest payments so in reality it
00:20:58
basically shows the government's total
00:21:00
borrowing excluding the interest
00:21:02
payments or excluding the interests now
00:21:05
all these datas if we see very
00:21:07
objectively they are very very important
00:21:09
for our understanding for our
00:21:11
examination and for our analytical
00:21:13
perspective as well now if we see the
00:21:15
reforms of Taxation in relation to
00:21:17
taxation several reforms have also been
00:21:18
initiated by the government in this
00:21:20
Union budget 2024 first change is in
00:21:22
relation to the income tax rate slabs
00:21:25
now in your screen you'll be seeing the
00:21:26
new regime for the income tax slabs in
00:21:28
our country which have been introduced
00:21:29
by this particular budget now additional
00:21:31
to this the Finance Minister has
00:21:33
announced a comprehensive review of the
00:21:35
Income Tax Act of 1961 to make it more
00:21:38
clear concise easy to read and efficient
00:21:42
the aim is to reduce disputes reduce
00:21:44
litigations and to ensure tax certainty
00:21:47
for the taxpayers which is very very
00:21:48
important for a country which is aiming
00:21:50
to become developed by the year 2047 the
00:21:52
government has also introduced viad
00:21:54
vishwas scheme 2024 for resolution of
00:21:57
income tax disputes and pending appeals
00:21:59
which are ongoing and also one more
00:22:01
critical change because of which the
00:22:03
government has been criticized from
00:22:04
several quarters is the change in the
00:22:06
short-term and long-term capital gains
00:22:08
tax now first of all let us try to
00:22:10
understand what is this capital gains
00:22:11
term so capital gains is basically a
00:22:13
economic concept which deals with the
00:22:15
profit earned of the sale of an asset
00:22:17
over a period of time when its value has
00:22:20
increased now these capital gains can
00:22:22
either be short-term or can be long-term
00:22:24
depending on the holding period And
00:22:26
there are several classifications to it
00:22:28
as well based on different asset classes
00:22:30
in the budget of 2024 the tax on
00:22:33
long-term capital gains has been
00:22:35
increased from 10% which was earlier
00:22:37
present to
00:22:38
12.5% so the long-term capital gains tax
00:22:41
will now be
00:22:42
12.5% also short-term capital gain tax
00:22:45
have been increased from 15% to 20% so
00:22:48
now the short-term capital gains tax
00:22:50
will be 20% of the capital gains now
00:22:53
this move has been criticized from
00:22:55
several quarters from the different
00:22:56
business groups from the stock market
00:22:58
experts and from common people as well
00:23:01
complaining that this might reduce the
00:23:02
investors confidence and might
00:23:04
demotivate the investors to invest in
00:23:07
capital Assets Now Shan shetti who MD at
00:23:10
Primus Partners has said that increase
00:23:12
in the long-term capital gains tax might
00:23:15
lead to Investments moving to
00:23:17
unproductive assets like gold or real
00:23:19
estates also stock market has also
00:23:22
reacted very negatively to these changes
00:23:24
both sensex and Nifty indices show a
00:23:27
significant drop on the day budget 2024
00:23:29
was announced now comprehensively
00:23:31
understanding this capital gains
00:23:33
short-term and long-term capital gains
00:23:34
tax would require a separate session of
00:23:36
its own so do let me know in the comment
00:23:38
section that should we have a separate
00:23:39
session for capital gains and short-term
00:23:41
and long-term capital gains Stacks or
00:23:42
not now additional to this there was one
00:23:45
more crucial change which was made that
00:23:47
was the abolition of Angel tax now this
00:23:49
step has been appreciated from a lot of
00:23:51
quarters especially from the startup
00:23:53
community of our country now the major
00:23:55
aim of the government to take this step
00:23:57
is to bolster the startup ecosystem in
00:23:59
our country now let us understand what
00:24:01
is this Angel tax Angel tax is basically
00:24:03
the tax imposed by the government on
00:24:05
funding received by the unlisted
00:24:07
companies or the startups now if the
00:24:09
investment received by the startup is
00:24:12
greater than the fair market value then
00:24:14
the angel tax comes into play and it was
00:24:16
levied at a hefty rate of 30% and has
00:24:19
now been abolished also the corporate
00:24:22
tax for the foreign companies has been
00:24:24
reduced from 40% to 35% again which is a
00:24:27
appreciable move now one more change
00:24:29
because of which the budget has been
00:24:30
criticized a lot is the increase in the
00:24:32
Securities transaction tax by the
00:24:34
government of India so security
00:24:36
transaction tax is the tax payable on
00:24:38
the Securities transacted in a
00:24:40
recognized Stock Exchange in our country
00:24:42
so security transaction tax on Futures
00:24:44
have been increased to 0.02% and on
00:24:47
options it has been increased to 0.1%
00:24:50
now ashir grower the founder and ex
00:24:52
managing director of bat pay has said
00:24:54
that this budget lacks the spine and
00:24:56
juice to bolster our economic growth to
00:24:58
13 or 14% a year he also remarked that
00:25:01
if the budget was not announced at all
00:25:03
still India is having the ability to
00:25:04
grow at a 6 to 7% growth rate every year
00:25:07
uh of the new government right so is the
00:25:09
first out of the 5 years and uh what
00:25:12
your expectation is that you will take
00:25:14
some strong decisions in the in the
00:25:16
first one because that gives you the
00:25:18
political leeway in some sense from a 7%
00:25:21
GDP which we can achieved without any
00:25:23
budget being announced to an actual 12
00:25:25
15% GDP growth hence the budget's role
00:25:28
is to amplify things and to take the 6
00:25:30
7% growth rate to 13 14% growth rate a
00:25:33
year this is what he had to say now many
00:25:36
experts believe that government's action
00:25:38
or the government's step of taxing more
00:25:40
spending more and borrowing more is not
00:25:42
a very good step experts suggests that
00:25:45
more money should be left at the
00:25:47
disposal of the private businesses so
00:25:49
that they can create more jobs either
00:25:50
they could spend the money for
00:25:51
consumption or they could spend the
00:25:53
money for investments in both of the
00:25:55
cases job creation will tremendously
00:25:57
increase and if players are having more
00:25:59
investable Surplus with them definitely
00:26:01
they will invest the Surplus in the
00:26:03
whole economy and eventually economic
00:26:05
growth will Propel a sneer Grover also
00:26:07
suggested a single tax rate in relation
00:26:09
to income tax for our country and
00:26:11
suggested that there should be 20% tax
00:26:13
rate for any income earned above the
00:26:15
tune of 10 lakh Rupees per anom he said
00:26:18
that removal of income tax lab would
00:26:20
make the system more effective and more
00:26:22
efficient because these multiple income
00:26:24
tax laabs are not doing any good to the
00:26:26
people of our country and to the
00:26:27
government Checker as well it is just
00:26:29
complicating the process and also
00:26:31
benefiting the Chartered Accountants who
00:26:33
are charging Hefty amounts of money or
00:26:34
Hefty fees for filing the income tax
00:26:37
returns of the common people he also
00:26:39
suggested that the distinction of
00:26:40
short-term capital gains and long-term
00:26:42
capital gains should be removed allog
00:26:44
together and 10% capital gains tax
00:26:46
should have been imposed on all types of
00:26:48
capital gains to again make the system
00:26:50
more effective and more simpler now many
00:26:53
experts were also expecting several
00:26:54
overhaul reforms in relation to goods
00:26:56
and services taxs in our country but no
00:26:58
such reforms were announced or
00:27:00
introduced in this particular budget and
00:27:02
a single uniform tax rate or indirect
00:27:04
tax rate for the whole country Still
00:27:06
Remains a distant dream also several
00:27:09
academicians and experts have pointed
00:27:10
out that this increase in the capital
00:27:12
gains tax in our country would be
00:27:14
drastically impacting our country in a
00:27:15
negative way because there are many
00:27:17
other countries like Singapore Dubai or
00:27:19
many other tax Heavens which are having
00:27:21
essentially 0% or very very low capital
00:27:23
gain taxs so it might lead to outflow of
00:27:26
capital from our country to these taxes
00:27:28
Heavens now we have to understand that
00:27:30
many people including High net worth
00:27:32
individuals they focus a lot on return
00:27:35
on their taxes and if the return on
00:27:37
their taxes is negative or negligible
00:27:39
then they would be wanting to migrate to
00:27:41
other countries for example again
00:27:42
Ireland Dubai Singapore macius kimman
00:27:46
islands and several other tax Heavens as
00:27:48
well we have covered this phenomena in
00:27:50
detail in a separate video you can go
00:27:52
through it for your better understanding
00:27:54
now as always definitely there are two
00:27:56
sides of the coin so if there are
00:27:57
criticism and concerns there are
00:27:59
positive aspects and praises to this
00:28:01
budget as well now Kumar manglam B who
00:28:03
is the chairman of AD Bera group has
00:28:05
praised the budget 2024 for its clear
00:28:08
intent and the focus of the government
00:28:10
on long-term growth of our country and
00:28:12
also building the foundations for
00:28:13
developed India by 2047 nmal Jan who is
00:28:17
the founder of iifl group have also
00:28:19
praised the budget of 2024 and said that
00:28:21
it involves a well-rounded strategy to
00:28:24
Foster inclusive growth economic
00:28:26
stability and improving over overall
00:28:28
quality of life for the public of our
00:28:30
country now do let us know in the
00:28:31
comment section that what are your views
00:28:33
on the budget 2024 and what would be
00:28:36
more reforms which could have been
00:28:37
introduced in the budget to make it more
00:28:39
effective and efficient for our country
00:28:42
also we have added certain practice
00:28:43
questions at the end of this video do
00:28:45
solve them and write the correct answers
00:28:47
in the comment section I hope you gained
00:28:49
A New Perspective and understanding from
00:28:51
this video all the very best and have a
00:28:53
nice day
00:29:17
[Music]
