Finance Minister Nirmala Sitharaman’s Budget 2024 speech generated a wave of reactions on social media, with users expressing both praise and criticism for the announced changes. One of the key highlights was the increase in standard deduction under the New Tax Regime from ₹50,000 to ₹75,000. However, the hike in taxes on Long-term Capital Gains (LTCG) and Short-term Capital Gains (STCG) to 12.5% and 20%, respectively, sparked widespread debate.
Many users expressed their disappointment and frustration over the increased capital gains taxes, deeming it a detrimental move for the middle class. One user even described it as the “worst decision,” highlighting the lack of relief for income tax payers. Others sarcastically commented on the perceived benefit of the new tax slabs for salaried employees, suggesting that the savings wouldn’t make a significant impact on their financial lives.
Another significant announcement was the abolition of Angel Tax, a tax levied on capital raised by unlisted companies from Indian investors when shares are issued at prices higher than the company’s fair market value. This move received positive feedback from some social media users, who viewed it as a step towards promoting entrepreneurship and investment in startups.
Overall, the Budget 2024 announcements sparked a lively discussion on social media, highlighting the diverse perspectives on the impact of the changes on various segments of the Indian economy. The increased capital gains taxes have raised concerns about their potential impact on investment and the middle class, while the abolition of Angel Tax has been welcomed as a positive measure for the startup ecosystem.
